{"id":5302,"date":"2016-06-15T09:11:35","date_gmt":"2016-06-15T09:11:35","guid":{"rendered":"http:\/\/progresomicrofinanzas.org\/en\/?p=5302"},"modified":"2017-11-20T11:05:52","modified_gmt":"2017-11-20T11:05:52","slug":"amendments-to-the-law-of-support-to-microenterprises-small-and-medium-sized-enterprises","status":"publish","type":"post","link":"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/amendments-to-the-law-of-support-to-microenterprises-small-and-medium-sized-enterprises\/","title":{"rendered":"Amendments to the Law of Support to SMEs"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-right\"><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/5302?print=pdf\" class=\"pdfprnt-button pdfprnt-button-pdf\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/pdf.png\" alt=\"image_pdf\" title=\"View PDF\" \/><\/a><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/5302?print=print\" class=\"pdfprnt-button pdfprnt-button-print\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/print.png\" alt=\"image_print\" title=\"Print Content\" \/><\/a><\/div><p><span style=\"font-weight: 400;\">On 29<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> December, the Amendment Law to the <\/span><span style=\"font-weight: 400;\">Law of Support to Microenterprises, Small and Medium-sized Enterpises (Law of Amendments) was enacted.<\/span><span style=\"font-weight: 400;\"> The Law reinforces the measures adopted in the 2014 Law of Support to SMEs and endows the sector with more resources as a result of the positive impact that these measures have had on the local economy. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the measures adopted in the 2014 Law of Support was to allocate 20% of the Government\u2019s procurement budget to purchases from microenterprises and small and medium-sized enterprises. The recent Law of Amendments raised this percentage to 30% for the fiscal year 2016-2017 and establishes a progressive increase from then until 2020-2021. The percentages it sets forth are as follows: \u00a0<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400;\">&#8211; 30% for fiscal year 2016-2017<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400;\">&#8211; 32% for fiscal year 2017-2018<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400;\">&#8211; 35% for fiscal year 2018-2019<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400;\">&#8211; 38% for fiscal year 2019-2020<\/span><\/p>\n<p style=\"padding-left: 30px;\"><span style=\"font-weight: 400;\">&#8211; 40% for fiscal year 2020-2021<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the annual report from the SME Support Board (Junta de Apoyo a las Pymes), in 2014 USD 157m were spent on purchases from the sector, compared to the USD 83m in 2013, and 146 new enterprises were filed under the government\u2019s Procurement Reserves Programme<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another important aspect of the Law of Amendments is that it assigns new funds for employability and training in the sector. The 2014 law set out a policy of preferences for government subsidies, granting incentives to companies for creating jobs and enhancing employee training. The Law of Amendments specifies that the funds allocated by the 1998 Workforce Investment Act for capacity building for employees will be used for the Microenterprises and small and medium-sized enterprise sector and the regulations for the use of these funds will be referred to the Department of Economic Development and Trade for development.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 29th December, the Amendment Law to the Law of Support to Microenterprises, Small and Medium-sized Enterpises (Law of Amendments) was enacted. The Law reinforces the measures adopted in the 2014 Law of Support to SMEs and endows the sector with more resources as a result of the positive impact that these measures have had [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":4850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"tags":[1282,1270,675,897],"class_list":["post-5302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-junta-de-apoyo-a-las-pymes-en-2","tag-microenterprise","tag-puerto-rico","tag-smes","numero-7-en","seccion-published-and-draft-legislation-microfinance","pais-puerto-rico-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Amendments to the Law of Support to SMEs<\/title>\n<meta name=\"description\" content=\"Puerto Rico enacts the Law of Amendments to reinforce 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