13th month payday loan application window starts November 2


SMALL ENTERPRISES interested in zero-interest loans to help them achieve their 13e the monthly payroll could start to apply on Nov. 2, the Small Business Corp said. (SB Corp.).

SB Corp. spokesman Robert Bastillo said in a briefing to Laging Handa on Thursday that micro and small businesses have Nov. 2 to Dec. 2. 7 period to complete their requests online.

“The loan is open to micro and small businesses that have 20 or fewer employees,” Bastillo said, adding that the loans are repayable in 12 months.

Eligible companies, Bastillo said, will include those on the Labor Ministry’s list of companies that have used flexible working arrangements during the pandemic.

He added that the Labor Department’s database currently contains 11,000 micro and small businesses.

Bastillo said not all 11,000 companies have a workforce of 20 or less.

“If interested companies are on the list of the Ministry of Labor, they only need to present their barangay permit or the mayor’s permit,” Bastillo said.

He said 500 million pesos had been allocated to the loan facility, with the processing time for each application estimated to be seven to ten days.

“We have a standard amount of P12,000 per employee. It is up to the company to distribute the amount because the labor department has indicated that the actual working hours / days should be the basis for calculating 13e months’ salary, ”said Bastillo.

Commerce Secretary Ramon M. Lopez said the loan amount would be between P50,000 and P200,000.

“We see no reason to postpone the 13e months of salary for this year as the government stands ready to support business, ”Lopez said. – Revin Mikhael D. Ochave


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