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QC issues guidelines on stimulus package for small biz
The city’s Local Economic Investment Promotions Office (LEIPO) is offering a stimulus package from PHP100,000 to PHP500,000, depending on the number of employees and regardless of the type of business ownership. (File photo by Judgefloro/Wikimedia Commons, CC BY-SA 4.0)
MANILA – The Quezon City government on Friday issued guidelines for the grant of a stimulus package for small businesses affected by the coronavirus disease (Covid-19) pandemic.
The city’s Local Economic Investment Promotions Office (LEIPO) is offering a stimulus package from PHP100,000 to PHP500,000, depending on the number of employees and regardless of the type of business ownership.
“The stimulus package aims to boost the local economy of Quezon City by providing a stimulus package to small enterprises geared towards ensuring continuous employment of Quezon City residents, making businesses relevant to the needs of the city, and creating multiplier effect to the Quezon City economy,” the guidelines read.
Based on guidelines from the Department of Trade and Industry and the Senate Economic Planning Office, a small business is classified as having an asset size between PHP3 million and PHP15 million and has 10 to 99 employees.
To qualify for the package, businesses must be registered not later than March 1, must have settled business tax payments for at least the first quarter of 2020; must have no pending case with the city’s Business Permit and Licensing Division, Department of Labor and Employment and the Bureau of Internal Revenue; must have no under-declaration or misdeclaration of pertinent information; should not be a part of any business conglomerate, and have at least 10 registered employees, 50 percent of whom are QC residents.
The city government will start receiving applications for the stimulus package from July 6 until July 20.
Successful beneficiaries will be announced on August 1 and the awarding will be on August 3.
The stimulus package will be disbursed in tranches while its expenditures will be monitored by LEIPO and the Internal Audit Service of the city.
Earlier, the city government has also offered free Covid-19 screening for owners and employees of small businesses in the city to ensure public safety before they resume operations.
