P2.5-B STIMULUS PACKAGE

Makati calls on businesses to avail of up to P100K cash aid

The city government of Makati on Thursday called on business owners in the city to avail of its cash grant ahead of the application deadline for the financial assistance by the end of the year.

The cash grant of P10,000 up to P100,000 is under Makati government’s P2.5-billion Makati Assistance and Support for Businesses (MASB), aimed at helping entrepreneurs in the city affected by the COVID-19 pandemic.

The amount of cash assistance to be given to qualified businesses will depend on the type of business and the number of Makati residents employed by the business.

“The MASB Program aims to provide recovery funds to businesses, boost the local economy, and promote the employment of Makatizens, especially those affected by the COVID-19 pandemic,” Makati Mayor Abby Binay said in a statement.

Binay urged business owners in the city to apply for cash grant offered by the city government ahead of the December 31 deadline.

In the past two week, she said around 5,000 applications have been received online via the designated website, www.proudmakatizen.com, and are being processed with expediency to provide funding for the salaries of workers and payments to suppliers.  

Binay said that only businesses operating in the city, including Makati-registered branches with head offices outside Makati, and those with a valid business permit for this year with no tax obligations, are qualified to apply for the program.

The financial assistance will be released directly to registered and accredited Makati-based suppliers as payment for goods and services, as well as to employees for their salaries and allowances through drawdowns.

Binay noted there is no minimum period that the qualified business must be operating prior to the submission of the application for the MASB Program.

However, after the grant is released, businesses must strictly comply with three conditions for the next two years — they continue to operate; they will not lay off any of the “Makatizen” employees, and they will comply with the city’s ordinances and safety guidelines.

If a grant recipient violates any of the MASB Program conditions, Binay said the business is required to repay the amount in full within 30 days. 

“Failure to comply within the said period will result in the cancellation of business permit, and the license will only be renewed upon full payment of the drawdowns,” she said. --Ted Cordero/KBK, GMA News