We are pleased to announce that Synergi Partners has been working with legislators to define hurricane relief for business in Puerto Rico. Effective immediately employers affected by Hurricane Maria and/or Hurricane Irma are eligible to receive up to $1,920 cash per employee retained after the hurricane while regaining business operations. The program largely mirrors Section504(d)(1)(b) of the Disaster Tax relief and Airport Extension Act of 2017 that helped businesses in Florida, Texas and Georgia with recovery efforts. However, this specific program accommodates for differences in tax codes by establishing a fund to make cash payments to the the majority of eligible businesses instead of tax credits.
HOW DO YOU QUALIFY?
The fund applies to any employer, except non-profit organizations which conducted an active trade or business in Puerto Rico on and after September 4, 2017 (Hurricane Irma) or September 16, 2017 (Hurricane Maria) and experienced a disruption in business as a result of the hurricanes.
HOW IS THE AMOUNT OF THE PAYMENT DETEREMINED?
The amount an employer receives is based upon how long the business was disrupted, the number of employees retained after either of the storms and the amount of wages paid to those qualifying employees.
TIMING IS CRITICAL
$100M in initial funding has been established along with specific criteria for applications and due dates. Funds must be applied for through the Puerto Rican Treasury Department and will be approved and distributed on a first come first served basis . All applications must be submitted no later than 12/31/18.
IF you have a business location in Puerto Rico, Synergi Partners is ready to immediately assist you in claiming your funds. We:
- Validate and document business impact
- Document qualified employees & wages paid
- Calculate credit and File application forms
- Monitor status of fund request & payments
- Address any issues regarding discrepancy in payments
For more information, please contact Tim Norwood at TNorwood@SynergiPartners.com