Puerto Rico Approval of director stock program

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Multi-State
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US-CC-18-169-NE
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FAQ

The Biden-Harris Administration is committed to supporting Puerto Rico's recovery and renewal. In 2021, President Biden unlocked billions of dollars in disaster funding and enacted historic expansions of economic and healthcare assistance programs for Puerto Rico.

For employees who at termination of employment have between 5 and 15 years of service with the employer, the Act 80 amount equals 3 months' salary plus 2 weeks' salary per each full year of service.

The letter of good standing can be obtained from the Puerto Rico Department of Health.

Earlier this year, Puerto Rico was approved for up to $109 million in State Small Business Credit Initiative (SSBCI) funds, a small business program reauthorized and expanded under the ARP.

The statutory severance formula for employees hired on or after January 26, 2017, regardless of years of service, changes to three months of salary plus two weeks for each completed year of service. The statutory severance is capped at nine months.

Puerto Rico does not have a local WARN statute, but the US federal WARN Act applies in Puerto Rico for mass layoffs, which may include pay in lieu of notice in certain situations.

Act 80 (the Unjust Dismissal Act) regulates employment termination of employees hired for an indefinite term. Puerto Rico is not an 'employment at will' jurisdiction.

? PUBLIC LAW 87 AUTHORIZATION TO RECRUIT AND TRANSPORT ? It is unlawful for any person, any organization, or the agent of a person or organization, to recruit or transport laborers for employment outside Puerto Rico without authorization by the labor secretary.

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Puerto Rico Approval of director stock program