Republic Act No. 11494 also known as the “Bayanihan to Recover as One Act” (BAYANIHAN 2) was signed into law by President Duterte in October last year and allocated financial support of up to P10 billion to the CARES program to help mitigate the adverse impact of the pandemic on MSMEs.
MSME applicants who cannot submit a BIR-filed FS will just submit their barangay or municipal business permits, photos or videos of business assets, and proof of sales for certain loan sizes.
How to Apply
Interested business owners may submit their loan requests through www.BayanihanCARES.ph.
Applicants may also contact the CARES Hotline at 8651-3333, and at 1-800-10-651-3333 (nationwide toll-free) for inquiries.
MSMEs with Bureau of Internal Revenue-filed financial statements for 2018 or 2019 with no major negative credit track record are assured of a loan under the program.
Loan amount to be granted will be based on the MSME applicant’s asset size and annual sales. However, additional limits to the loan size will be observed to ensure more MSMEs will benefit from the program.
Loans will have a one-time front-end service fee ranging from 4 percent to 8 percent depending on the number of years the applicant will pay.
Loan term can be up to four years and grace period up to six months. Certain industries such as tourism can be granted a longer grace period of up to 12 months.