Sharapova, 30, faced Puig in an exhibition in San Juan, Puerto Rico's capital, last December as she was serving a 15-month suspension from the pro tour for testing positive for meldonium.
The five-time grand slam winner said in a Facebook post Monday that she "fell in love with the island, the people and the culture" during that visit.
"From a distance, it is incredibly devastating to see how much the island and people are suffering," said Sharapova, who, according to Forbes, earned $21.9 million overall in 2016 despite not playing for most of the tennis season because of the ban.
"I have been following all the amazing and heartfelt work Monica has been doing for the island and I will continue to support her fund raising efforts.
"All profits beginning today through the end of the year from Sugarpova.com will go directly to support Monica's fund."
Hurricane Maria battered Puerto Rico last month and the overwhelming majority of the island US territory is still without power.
US President Donald Trump will visit Puerto Rico on Tuesday, amid criticism from Oxfam
that the American government didn't act swiftly enough to help.
Puig -- who became Puerto Rico's first and only Olympic gold medalist last year in Rio when she upset Angelique Kerber in the final -- started 'Help Rebuild Puerto Rico'
late last month with the goal of raising $25,000.
After quickly achieving that target, she wanted to reach $100,000 and that too has been achieved.
As of early Tuesday, the fund stood at just over $101,000.
Sharapova wins in Beijing
Meanwhile, playing her sixth tournament of 2017, Sharapova moved into the third round of the China Open on Tuesday by defeating compatriot Ekaterina Makarova 6-4 4-6 6-1, three days after needing three hours to beat Anastasija Sevastova -- the Latvian who eliminated Sharapova in the fourth round of the US Open last month.
Going to a third set has been nothing new for Sharapova this year. Ten of her 15 matches have gone to a decider, with Sharapova prevailing in six of those.