SB Corp. has more than doubled to P500 million from the original P200 million the size of a loan program to financially-distraught micro and small businesses to be used for their employees’ 13th month pay.
At the Laging Handa public briefing yesterday, SB Corp. spokesperson Bobby Bastillo said the agency will be accepting loan applications on November 2 until December 7 and will fasttrack processing within 7 to 10 days.
Bastillo said eligible to apply are about 7,000 of the 11,000 companies that were registered with the Department of Labor and Employment (DOLE) from March 20, 2020 to Oct 15, 2021. These are those which availed of flexible work arrangements due to the pandemic.
Covered are companies that employ 20 or less.
Amount of loans depends on the need of the company but the standard is P12,000 per employee as the 13th month pay will be pro-rated on the actual number of hours served.
The enterprises simply have to apply online and submit a barangay business permit if borrowing up to P50,000 and a mayor’s permit if loan exceeds P50,000.
Bastillo said the soft loan will bear no interest but is subject to service and other administrative charges.
