SAN JUAN Puerto Rico Gov. Ricardo Rossello announced on Thursday an agreement with US Treasury Secretary Steven Mnuchin regarding the terms for distributing funds to the island from the Community Disaster Loans program.
Rossello made the announcement in San Juan accompanied by Mnuchin, saying that Puerto Rico will have access to all $4.7 billion in CDL funds that the US Congress had approved for the island last October, a few weeks after Hurricane Maria wreaked havoc there.
Mnuchin had been delaying the release of the funds in the form of loans because of a disagreement over how the money would be repaid.
The funds will be available to Puerto Rico according to its needs up until March 2020 and Rossello said that the island can access the loans if its cash balance falls below $1.1 billion.
Weve reached an agreement that is beneficial both for the taxpayer and for the people of Puerto Rico, said Rossello.
For months, Rossello has said that the loan delays were hampering Puerto Rico in its recovery from Hurricane Maria, which hit the island last Sept. 20, virtually wiping out its electric grid and damaging hundreds of thousands of homes.