P.R. Laws tit. 6, § 71
A program is hereby established in the Economic Development Bank for Puerto Rico, to be known as the “Financial Assistance Program for Non-profit Organizations”, in order to grant lines of credit in an expedited manner to eligible non-profit organizations that show the Secretary of the Treasury that they are entitled to enjoy tax exemptions in those areas covered by the different applicable fiscal laws; to those non-profit organizations with approved Commonwealth or federal fund appropriations in effect, if the applicable procedures and regulations of the federal agency disbursing such funds allow for assignments of payment thereof, as well as the remittance of such payments directly to the Bank, and which participate in activities that are eligible for financing by the Bank in accordance with its applicable policies, rules, and procedures. “An expedited manner”, shall be understood as the period of time of up to twenty (20) calendar days, from the filing of an application for a line of credit with the Economic Development Bank for Puerto Rico. Such term may be extended at the organization's request. It is hereby established that the mere filing of an application does not in any way mean that there is a strong chance for approval of the requested line of credit.
It is also hereby provided that the non-profit organization shall be able to apply for assistance through the Program once it receives notice of the amount to be appropriated.
Provided, That in the case of Commonwealth fund appropriations, the applicable procedures and regulations of the agency, instrumentality, subdivision, municipality, and/or public corporation that would disburse such funds shall allow for assignments of payment thereof, as well as the direct remittance of such payments to the Bank.
The lines of credit granted under such Program shall be processed in an expedited manner.
Provided, further, that the entity or organization may only receive through such line of credit up to eighty percent (80%) of the proposal, appropriation, or donation approved by the government agency or instrumentality.
History —June 5, 2011, No. 83, § 2, eff. July 1, 2011.