Department of Treasury Accepting Local PPP Applications through SURI
September 16 2020
The Department of Treasury in Puerto Rico announced that is accepting Local Payroll Protection Program (PPP) Applications through SURI. The Program, which will remain open until funds are expended, will be accepting applications on a first come first served basis.
As an initial guideline, the following small businesses that were operational as of March 15, 2020 are eligible for PPP loans:
- a business with less than 500 employees
- a business with less than $10M in Gross Income
- a business that has or will incur in expenses caused by the COVID-19 emergency
The allowable Expenditures are Employees Payroll & Benefits.
Some of the limitations are the following:
- Salaries annualized cap of $100,000
- Expenses to be claimed must be incurred between 3/1/2020-12/30/2020
- Expenses to be claimed have not reimbursed by another federal or local assistance program
The Grant Calculation will consider the following among others:
- Cap by Company Size
- Cap by Industry and Employee #
We are ready and available to assist you with additional information and guidance through this process.