P.R. Laws tit. 13, § 148
The Bank shall assign to the Puerto Rico Economic Development Bank (the PRED Bank) the sum of one hundred eighty million dollars ($180,000,000), in order for the PRED Bank to establish a program to secure loans for small and medium-sized businesses in the amount of five thousand dollars ($5,000) for each full-time regular employee (or the equivalent number of part-time employees), as per the official and certified payroll of the business on the date of applying for this benefit, up to a maximum amount of two hundred fifty thousand dollars ($250,000) per business. The PRED Bank shall establish through regulations the eligibility criteria for participating in this program, as well as the procedures and mechanisms to be utilized for its implementation. By petition of the PRED Bank, the Bank may authorize the use of a portion of these funds in existing PRED Bank programs whose purpose is to stimulate the economic development of the private sector-namely, small and medium-sized businesses (defined as businesses with fifty (50) full-time employees or less, or an equivalent number of part-time employees, whose gross income does not exceed five million (5,000,000) dollars per year). Cooperative associations may participate in the program, contingent upon meeting the requirements established by the PRED Bank.
History —Mar. 9, 2009, No. 9, § 8.