P7B CARES fund yet to be loaned out

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    The SB Corp. has yet to use up all the P8 billion released by the Department of Budget and Management under the P10-billion fund given by Bayanihan We Recover as One Act for lending to distressed companies.

    About 25,000 applications of micro and small enterprises are pending for approval under the SB Corp.’s COVID-19 Assistance to Restart Enterprises Act.

    At the Senate hearing of the budget of the Department of Trade and Industry (DTI) which oversees SB Corp., sponsor Sen. Sonny Angara said the agency has so far released P1.2 billion out 1,660 loan applicants.

    Loan applications have reached 26,000.

    The remaining P2 billion has yet to be released with just barely a month to the expiry of the Bayanihan Act 2 on Dec. 19, 2020.

    But Angara noted the funds if unused are not going to be reverted to the Treasury and will form part of the equity of SB Corp.