Puerto Rico Treasury Department Announces Extension of Employee Retention Benefit Program

Puerto Rico businesses can continue filing for the hurricane recovery program with new extension dates. Employers can receive up to $1,920 in benefits for each employee retained after Hurricanes Irma and Maria

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Puerto Rico Treasury Department; Synergi Partners

May 08, 2019, 07:11 ET

SAN JUAN, Puerto Rico, May 8, 2019 /PRNewswire/ -- There's good news for employers who have not yet applied for the Employee Retention Benefit. The deadline to apply for the program has been extended to June 30th, 2019 for first time filers and July 14th, 2019 for anyone wishing to amend a previous filing. Benefits are awarded on a first come first served basis, so employers must act quickly to take advantage of this valuable program.

"Synergi Partners Puerto Rico is pleased our work with the Hacienda, Secretary of Treasury of Puerto Rico and the United States Treasury Department resulted in an extension of the Employee Retention Benefit through June 30, 2019," said Jim Brown, CEO, Synergi Partners. "Employers should be grateful the respected officials in Puerto Rico and the United States took action to extend this deadline. This extension of time will allow all employers in Puerto Rico additional time to participate in this valuable program. Many businesses were tremendously impacted by the two devastating hurricanes and are entitled to file for the benefit."

Leveraging its years of experience as an administrator of government business assistance programs and a tax credit services firm, Synergi Partners is the market leader and well positioned to assist local businesses in this program. We will manage the entire process with the Treasury, from application, appeal and benefit payment receipt.

For more information on Synergi Partners please visit www.synergipartners.com/prdisaster.

History of Employee Retention Benefit

The Employee Retention Benefit was established in 2018 by the Puerto Rico Treasury Department and approved by the U.S. Secretary of Treasury to aid employers in Puerto Rico affected by Hurricane Irma and Hurricane Maria. For those employers who were able to retain employees after the disasters, they can claim a benefit of up to $1,920 for each qualified employee. The new deadline is June 30th, 2019 for first time filers and July 14th, 2019 for anyone wishing to amend a previous filing.

About Synergi Partners:

Thought leaders that make up Synergi Partners' executive team with over 200 years of combined experience have made significant contributions to the incentives industry. As tax credit veterans with years of experience and serving clients of all sizes in virtually all industries, Synergi Partners' focus is on assisting businesses in navigating federal and state tax credit programs. Synergi Partners' main goal is to provide the best service available to achieve maximum value for its clients.

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SOURCE Puerto Rico Treasury Department; Synergi Partners