Government will seek to be part of Trump’s proposal to give citizens $ 1,000 after coronavirus crisis

The secretary of the Department of Economic Development and Commerce (DDEC), Manuel Laboy, announced that the government is working on the elaboration of an economic stimulus package for the Island after the coronavirus outbreak that keeps Puerto Rico in a curfew that includes business closure until March 30.

The official told Metro that federal aid as well as state initiatives are included in the measure, which he hopes will be financed with part of the $ 160 million Emergency Fund recently approved by the Fiscal Control Board (JCF). “We are more than aware that there is going to be a substantial economic impact here. Obviously it is not exclusive to Puerto Rico, but in the United States and the rest of the countries that are in this situation, “admitted the official.

Similarly, the head of the DDEC said that soon Governor Wanda Vázquez will announce the measures. Laboy said that aid should be focused on small and medium businesses that have been affected. In addition, he mentioned that he understands the Island should be included in federal initiatives, including the proposal by the President of the United States, Donald Trump, to send $ 1,000 to citizens for the crisis caused by COVID-19.

“We are talking about measures with the Small Bussiness Administration so that the affected businesses can access loans on terms that are favorable in the crisis,” the official added in an interview with Metro.

On whether he thinks they are reaching $ 160 million from the emergency fund, he said it is part of the analysis they are doing. “We in the southwest of the Island certified 2.5 million from the fund of Law 60 of 2019 and with that we helped 1,000 small businessmen, 2,500 were given in cash,” he mentioned about the aid delivered in January after the seismic sequence. which included the 6.4 magnitude earthquake.

Using this example, Laboy explained that if they planned to help 10,000 SMEs, at a rate of $ 2,500 each, they would need $ 25 million to pay for the measure. He specified that the total number of businesses in Puerto Rico amounts to 43,000, and of those 42,000 are small and medium-sized companies.

Regarding the economic cost of the closure, Laboy said they have drawn preliminary estimates, but did not specify them. “In Puerto Rico’s economy, the Gross Domestic Product is 102,000 million and the Gross National Product, which excludes multinationals, is close to 75,000 million,” the official detailed.

They seek to take advantage of the situation to boost the pharmaceutical industry

In the wake of the coronavirus outbreak that keeps governments around the world on alert, various US media outlined the possibility of developing the local pharmaceutical industry, so that the United States does not depend on China. The secretary of Economic Development and Commerce ruled that they seek to boost the industry.

“For more than two weeks we have been having a series of strategic meetings at the level of the Government of Puerto Rico with the Association of Pharmaceutical Industries, with the federal government, we are working on this issue. That is an example of the things that we are going to be able to capitalize once we get out of this crisis, “said Laboy.

Finally, he mentioned that between the meetings the Government has spoken with Admiral Peter Brown, Resident Commissioner Jenniffer González, as well as with White House staff and members of Congress.

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