{"id":3917,"date":"2020-04-03T10:18:00","date_gmt":"2020-04-03T02:18:00","guid":{"rendered":"https:\/\/pnl-law.com\/blog\/?p=3917"},"modified":"2020-05-23T23:15:47","modified_gmt":"2020-05-23T15:15:47","slug":"covid-19-pondo-para-sa-pagbabago-at-pag-asenso-enterprise-rehabilitation-fund-p3-erf","status":"publish","type":"post","link":"https:\/\/pnl-law.com\/blog\/covid-19-pondo-para-sa-pagbabago-at-pag-asenso-enterprise-rehabilitation-fund-p3-erf\/","title":{"rendered":"COVID 19 Pondo Para sa Pagbabago at Pag-Asenso Enterprise Rehabilitation Fund (P3-ERF)"},"content":{"rendered":"\n<p>The <em>COVID 19 Pondo Para sa Pagbabago at Pag-Asenso Enterprise Rehabilitation Fund<\/em> (P3-ERF) is a One Billion Peso (PhP1,000,000,000) special financing program by the Small Business Corporation of the Department of Trade in Industry (DTI) for MSMEs affected by COVID-19. This is part of the social amelioration programs (see list of <a href=\"https:\/\/pnl-law.com\/blog\/social-amelioration-programs-for-the-community-quarantine-by-reason-of-covid-19\/\">Social Amelioration Programs<\/a>) designed to mitigate the socio-economic impact of the Coronavirus Disease 2019 (COVID-19) health crisis during the Enhanced Community Quarantine (ECQ), pursuant to the <a href=\"https:\/\/pnl-law.com\/blog\/bayanihan-to-heal-as-one-act-republic-act-no-11469-full-text\/\">Bayanihan to Heal as One Act<\/a> (<a href=\"https:\/\/pnl-law.com\/blog\/bayanihan-to-heal-as-one-act-republic-act-no-11469-full-text\/\">Republic Act No. 11469<\/a>) and its <a href=\"https:\/\/pnl-law.com\/blog\/implementing-the-bayanihan-to-heal-as-one-act-republic-act-no-11469-full-text-of-the-memorandum-from-the-executive-secretary\/\">Implementing Directives<\/a>.&nbsp;&nbsp;<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The following are the salient features of COVID-19 P3-ERF, as stated in <em>Joint Memorandum Circular No. 1<\/em>:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>a) <strong>Loan<\/strong> amount of PhP 10,000.00 up to PhP 500,000.00 for&nbsp;<strong>small enterprises<\/strong> with asset size of not more than PhP&nbsp;10,000,000.00; or, loan amount from PhP 10,000.00 up to&nbsp;PhP 200,000.00 for <strong>micro enterprises<\/strong><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>b) Discounted 0.5% monthly <strong>interest rate<\/strong>&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>c) Prolonged <strong>grace period<\/strong> until such time that the current crisis is abated<\/li><\/ul>\n\n\n\n<p><strong>Eligibility<\/strong> &#8211; The loan is available to all <a href=\"https:\/\/pnl-law.com\/blog\/micro-small-and-medium-enterprises-what-businesses-are-considered-msmes\/\">micro and small enterprises<\/a> with <span style=\"text-decoration: underline;\">at least one year continuous operation<\/span> prior to March 2020, and whose businesses <span style=\"text-decoration: underline;\">suffered drastic reduction in sales<\/span> during the ensuing epidemic.\u00a0<\/p>\n\n\n\n<p><strong>Loan conditions<\/strong> &#8211; The proceeds of the loan may be used only for the following purposes:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>a) Updating of loan amortizations for vehicle loans or other fixed asset loans of the affected business;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>b) Inventory replacement for damaged perishable stock;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>c) Working capital replacement to restart the business.&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Documentary Requirements<\/strong> \u2013 Claimants must submit: a) Barangay Clearance; and b) LGU certification of business establishment for at least one year.&nbsp;<\/p>\n\n\n\n<p>The loan facility shall be implemented, by the proper DTI Memorandum Circular, as soon as the Community Quarantine declarations are lifted by the National Government and\/or respective Local Government Units.&nbsp;<\/p>\n\n\n\n<p>[See also: <a href=\"https:\/\/pnl-law.com\/blog\/social-amelioration-programs-for-the-community-quarantine-by-reason-of-covid-19\/\">Social Amelioration Programs for the Community Quarantine by Reason of COVID-19<\/a>; <a href=\"https:\/\/pnl-law.com\/blog\/emergency-subsidy-program-esp-during-the-community-quarantine\/\">Emergency Subsidy Program (ESP) during the Community Quarantine)<\/a>; <a href=\"https:\/\/pnl-law.com\/blog\/target-beneficiaries-of-the-government-social-amelioration-program-for-covid-19\/\">Target Beneficiaries of the Government Social Amelioration Program for COVID-19<\/a>; <a href=\"https:\/\/pnl-law.com\/blog\/documentary-requirements-to-avail-of-government-social-amelioration-programs\/\">Documentary Requirements to Avail of Government Social Amelioration Programs for COVID-19<\/a>]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The COVID 19 Pondo Para sa Pagbabago at Pag-Asenso Enterprise Rehabilitation Fund (P3-ERF) is a One Billion Peso (PhP1,000,000,000) special financing program by the Small Business Corporation of the Department of Trade in Industry (DTI) for MSMEs affected by COVID-19. This is part of the social amelioration programs (see list of Social Amelioration Programs) designed [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[91,1362],"tags":[885,534,811,812,555,821,953,960,938,961,963,954],"class_list":["post-3917","post","type-post","status-publish","format-standard","hentry","category-cooperatives","category-msmes","tag-bayanihan-to-heal-as-one-act","tag-business","tag-coronavirus-disease-2019","tag-covid-19","tag-department-of-trade-and-industry","tag-enhanced-community-quarantine","tag-joint-memorandum-circular-no-1","tag-micro-enterprises","tag-msme","tag-small-business-corporation","tag-small-enterprises","tag-social-amelioration-programs"],"_links":{"self":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/3917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/comments?post=3917"}],"version-history":[{"count":2,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/3917\/revisions"}],"predecessor-version":[{"id":4695,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/3917\/revisions\/4695"}],"wp:attachment":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/media?parent=3917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/categories?post=3917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/tags?post=3917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}