THE House of Representatives on Thursday approved on third and final reading a bill providing financing for small businesses, especially those crippled by the coronavirus disease-19 pandemic and other significant economic challenges of national and international scope.
The assistance is expected to encourage the continued operations and maintain employment levels of these businesses. These assets must have value falling under the following categories: not more than P3 million for micro-scale enterprises; P3 million to P15 million for small-scale businesses; and, P15 million to P100 million for medium-sized enterprises.The proposed law appropriates the amount of P10 billion for the expanded lending program: P2.5 billion for DPB and P7.5 billion for Land Bank.
It also grants incentives and exemption privileges to the LBP, the DBP and the special holding company. These entities would be exempted from paying documentary stamp tax, capital gains tax, creditable withholding income tax, value-added tax, gross receipts tax and other taxes imposed under Republic Act 8424, or the National Internal Revenue Code of 1997 , for a period of three years.
Source: Healthcare Press (healthcarepress.net)
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