Loan application

13th month payday loan application window begins November 2

SMALL BUSINESSES interested in interest-free loans to help them make their 13and monthly pay could begin to apply Nov. 2, the Small Business Corp said. (SB Corp.).

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

“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.

According to Bastillo, eligible companies will include those on the Labor Department’s list of companies that took advantage of flexible work arrangements during the pandemic.

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

Mr Bastillo said not all of the 11,000 companies had a workforce of 20 or less.

“If interested businesses are included on the Labor Department’s list, they need only present their barangay business license or mayor’s permit,” Bastillo said.

He said 500 million pesos had been allocated for the loan facility, with the processing time for each application estimated at seven to 10 days.

“We have a standard amount of 12,000 pesos 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 of calculation 13and month’s salary,” Mr. Bastillo said.

Commerce Secretary Ramon M. Lopez said the loan amount would be between 50,000 and 200,000 pesos.

“We see no reason to postpone the 13and month’s salary for this year as the government stands ready to support businesses,” Lopez said. — Revin Mikhael D. Ochave