The COVID-19 Assistance to Restart Enterprises (CARES) program is a special financing facility of SB Corporation for micro and small enterprises that have been adversely affected by the COVID-19 pandemic. The Program has an initial portfolio of PhP1.0 billion when it was first launched in May 2020.The CARES program offers interest- and collateral-free loans. It only charges a service fee of 4% up to 8% depending on the loan term. It provides a grace period of up to six months for regular businesses and up to 12 months for certain industries.

Upon the passage of the Republic Act 11494 otherwise known as the Bayanihan to Recover as One Act on 11 September 2020, a PhP10.0 billion fund was allocated to the SB Corporation to expand the CARES program that was then tagged as “Bayanihan CARES”.

Under Bayanihan CARES, PhP6.0 billion of the PhP10.0 billion fund is allocated for the tourism sector. The P6.0 billion fund is aimed to be extended to DOT- and LGU-accredited tourism-related enterprises through the program “CARES for Tourism Rehabilitation and Vitalization of Enterprise and Livelihood” or “CARES for TRAVEL”.

MSMEs who meet the following qualifications may apply:

• No unresolved major negative credit dealings
• With BIR-filed financial statements (BIR 1701/1702, Balance Sheet, and Income Statement)
• Without BIR-filed financial statements
• Only online applications are accepted. Applications must be filed through this link: www.BayanihanCARES.ph
• Bayanihan CARES program is available only for micro, small, and medium enterprises (MSMEs) with an asset size of:
  • Micro: not more than PhP3.0 million
  • Small: PhP3.0 million up to PhP15.0 million
  • Medium: above PhP15.0 million up to PhP100.0 million

The co-borrower requirement only applies to sole proprietorship. A co-borrower is required if the principal borrower is 66 years or above. A government-issued ID of the co-borrower must also be submitted/uploaded online upon application.

Loan The loan amount to be granted will be based on the MSME applicant’s annual sales in the previous years (2018 or 2019) and asset size (inventories, machines, buildings, etc.)

1. For enterprises with BIR-filed Financial Statements (BIR 1701/1702, Balance Sheet, and Income Statement) for the year 2018 or 2019
   • For Medium enterprises (asset size exceeding PhP15.0 million up to PhP100.0 million)
     • Qualified Medium Enterprises can avail of up to PhP5.0 million loan.
   • Small Enterprises (asset size exceeding PhP3.0 million up to PhP15.0 million)
     • Qualified Small Enterprises can avail of up to PhP3.0 million loan.
   • Micro Enterprises (asset size up to PhP3.0 million; REITERATION: with BIR-filed FS)
     • Qualified Micro Enterprises can avail of up to PhP600.0 thousand loan.
2. For enterprises WITHOUT BIR-filed Financial Statements
   Enterprises that do not submit BIR-filed FS for 2018 and/or 2019 in their online loan application may avail of up to PhP100.0 thousand on the following conditions:

    

   • No unresolved major negative credit dealings;
   • Submission of Mayor’s Business Permit for 2019 and 2020 for loans amounts of PhP50.0 thousand up to PhP100.0 thousand. Submission of Barangay Business Permit for 2019 and 2020 for loan amounts of PhP10.0 thousand up to PhP50.0 thousand.
   • Submission of three (3) photos and one-minute video about the business per SB Corporation-prescribed content as detailed in Item no. 6 below.
   • A higher amount of up to P200.0 thousand may be considered for enterprises without BIR-filed FS on the following conditions:
     • The submitted pictures and videos clearly give evidence to an asset size of more than PhP500.0 thousand.
     • The enterprise agrees to submit valid proof of sales (e.g. official receipts/ORs) issued, consummated purchase orders (POs) in 2018 and/or 2019 covering at least the 4th quarter of the year.

1. For enterprises with BIR-filed FS for 2018 or 2019, loan applicants must submit by uploading in the specified fields upon online application:
   • (a) BIR 1701 for Sole Proprietorship or BIR 1702 for Corporations, (b) Balance Sheet, and (c) Income Statement
   • For Sole Proprietorship enterprises, a jpeg-format photo of a government-issued ID, and that of the co-borrower if the principal borrower is 66 years old or older
   • Proof of bank account or electronic money account such as a photo of the ATM card or passbook where the name of the business owner (for Sole Proprietorship Enterprises) or of the Corporation (for Corporations) is visible 
   • Corporate Secretary Certificate for partnerships or corporations
2. For enterprises WITHOUT BIR-filed FS, loan applicants must submit the following by uploading in the specified fields upon online application:
   • Mayor’s Business Permit for 2019 AND 2020 for loans above PhP50.0 thousand up to PhP100.0 thousand
   • Barangay Business Permit/Certification for 2019 AND 2020 for loans from PhP10.0 thousand up to PhP50.0 thousand
   • Three (3) jpeg-format photos which must show the following:
     • Business Owner or President with the inventory of products and raw materials
     • Business Owner or President with the major business assets such as machinery, tools, equipment, etc.
     • Business Owner or President with the business building/warehouse or signage in the background
   • One-minute video of the business owner/ President or key officers showing and explaining the following:
     • Average Monthly Sales and Annual Sales prior to COVID-19 pandemic and during the pandemic
     • Major business assets and its present market value (inventories, machinery, tools, equipment, etc.)
     • No. of employees and their functions prior and during COVID-19 pandemic
     • Loan purpose
   • For Sole Proprietorship enterprises, a jpeg-format photo of a government-issued ID, and that of the co-borrower if the principal borrower is 66 years old or older.=
     • Only if applicable, valid proof of sales (e.g. official receipts (Ors) issued, consummated purchase orders (POs) in 2018 and/or 2019 covering at least the 4th quarter of the year.
   • Proof of bank account or electronic money account such as a photo of the ATM card or passbook where the name of the business owner (for Sole Proprietorship Enterprises) or of the Corporation (for Corporations) is visible 
   • Corporate Secretary Certificate for partnerships or corporations

The Bayanihan CARES program offers interest- and collateral-FREE loans.  It only charges a service fee of 4% up to 8% depending on the loan term:

• The loan applicant must have a bank account  or an Electronic Money Account (EMA) in order to apply for a Bayanihan CARES loan.
• A proof of the loan applicant’s bank account such as a photo of the ATM card or passbook where the name of the business owner (for Sole Proprietorship Enterprises) or of the Corporation (for Corporations) is visible must be submitted upon online application.
• Modes of loan release include the following:
  • Landbank savings account (the fourth digit of the account must be “6” or “7”) – Direct fund transfer. This is the most efficient, most secure, and fastest mode of loan release. There is no transaction fee.
  • Other bank accounts through PESOnet and InstaPay – There is a corresponding transaction fee.
  • GCash (must be fully-registered/activated) thru InstaPay – only applicable for PhP10.0 thousand up to PhP50.0 thousand loans.

Once the application form is completely filled out, the system will send an e-mail to the registered e-mail address with the following notice:

This means that the Bayanihan CARES loan application has already been forwarded to the Business Information Assessment Team (BIAT) which will assess the completeness and accuracy of the submitted documentary requirements.  In case of incomplete or inaccurate submission, the BIAT will send an email identifying the documents that need to be re-uploaded or submitted.

The turnaround time is from two (2) weeks up to one (1) month, depending on the requested loan amount as stated in Item No. 5 above. Applying for a higher loan amount than the default amount entails a longer processing time since the account has to go through a deliberation by SB Corporation.

• If the loan applicant has major unresolved credit dealings with financial institutions.
• If the loan applicant is not able to submit the documentary requirements within the prescribed period.

• Online checking through https://bit.ly/P3CaresUpdate
• Call the Bayanihan CARES hotline: 8651-3333 (NCR) 1 800 10651 3333 (Nationwide), Mondays to Saturdays from 9:00 am up to 5:00 pm
• E-mail our consumer protection unit at sbcorporation@sbgfc.org.ph
• Go to the nearest SB Corporation Field Office. Check the location and contact details of SB Corporation Field Offices at https://www.sbgfc.org.ph/about-us/directory-offices
• Message us via Facebook: http://www.facebook.com/BayanihanCARES

1. Phase 1: Business Information Assessment and Credit Standing Assessment
   • “Documents Incomplete” – Documents submitted are not yet complete. The loan applicant should receive an email from SB Corporation identifying the documents that need to be submitted.
   • “Documents Denied” – The loan applicant failed to submit the required documents within the prescribed period. The loan applicant may file an appeal for reconsideration of his/her loan application through the Consumer Protection Department as stated in Item No. 19 below.
   • “Still for Document Verification” – Documents submitted are still for assessment.
2. Phase 2: Financial Performance Assessment
   • “Loan Recommendation Deferred” – The financial performance assessment is in process.
   • “Still for Business Verification” – The account is either for assignment to a loan officer/business verifier or still for action of the business verifier.
3. Phase 3:  Loan Approval
   • “Loan Disapproved” – The loan applicant may file an appeal for reconsideration through the Consumer Protection Department as stated in Item No. 19 below.
   • “Still for Decision” – The loan officer/business verifier’s recommendation is still for review of the approving authority/ies.
4. Phase 4:  Loan Releasing
   • “Released” – the loan proceeds has been released. The loan applicant should immediately get in touch with the SB Corporation Field Officer should there be any concern about the loan release.
   • “Approved but Still for Release” – The loan application has been approved. The loan documents (Promissory Note, Disclosure Statement, etc.) are still being prepared.
   • “Awaiting Client’s Signature” – The loan documents are ready for signing. The loan applicant should expect an advisory (through SMS/text or email) from the Field Staff about the schedule of loan documents signing.
   • “Scheduled for Release” – The loan applicant has signed the loan documents and just needs to wait for the fund transfer to take place.

The Bayanihan CARES Program is designed and is available only for MSMEs that are registered with the local government unit for at least one year at the time of application.

The loan applicant should get in touch with SB Corporation to ask for the specific DOT-provided accreditation number through sbcorporation@sbgfc.org.ph.

A corresponding .5% per month of non-payment shall be charged to the borrower. SB Corporation may take legal actions depending on the amount of outstanding loan. Further, non-payment of Bayanihan CARES loan will have a negative effect on the borrower’s credit standing and future transactions with other financial institutions.

The loan applicant whose loan application has been denied may request for reconsideration if the reason for denial is unresolved major negative credit dealings with financial institutions.  This is on the condition that the borrower is able to secure and will be able to submit a proof of full settlement of account or a valid settlement agreement with concerned financial institution/s (e.g. Certificate of Full Payment or Settlement/Loan Restructuring Agreement).

Further, loan applicants whose loan applications have been denied for reasons other than unresolved major credit dealings may still file an appeal for reconsideration.

Appeals are subject to assessment of the SB Corporation Consumer Protection Department if it merits to be endorsed for approval by the Financing Sector.