Bill > S2873

This bill, the Puerto Rico Economic Empowerment Act of 2018, seeks to provide tax relief and flexibility for small businesses in Puerto Rico. The key provisions include: 1. A temporary payroll tax cut for residents of Puerto Rico, reducing the employee portion of the Social Security tax from 6.2% to 3.1% for the period from July 2018 to June 2020. 2. Extending the child tax credit to Puerto Rican families with 1 or more children, rather than just those with 3 or more children. 3. Increasing access to capital for Puerto Rico small businesses under the SBA's microloan program, including allowing higher loan limits and waiving certain requirements. 4. Providing additional incentives and flexibility for mentor-protege relationships involving Puerto Rico businesses in SBA contracting programs. 5. Establishing a FAST grant program specifically for Puerto Rico businesses and waiving matching requirements. 6. Requiring enhanced oversight and reporting on SBA activities in Puerto Rico during the period before the Puerto Rico Oversight Board terminates. 7. Expanding the definition of "disaster" for SBA disaster loan purposes to include communicable diseases with federal travel alerts or warnings. The bill aims to promote economic development and support small businesses in Puerto Rico through these targeted measures.

Budget and Finance

https://www.congress.gov/bill/115th-congress/senate-bill/2873/all-info