ANTIQUE Rep. Loren Legarda has filed a bill at the House of Representatives seeking a P30-billion “bridge fund,” which restaurant owners can loan to sustain operations and keep their workers amid the coronavirus pandemic. House Bill 7610 provides ...
ANTIQUE Rep. Loren Legarda has filed a bill at the House of Representatives seeking a P30-billion “bridge fund,” which restaurant owners can loan to sustain operations and keep their workers amid the coronavirus pandemic.House Bill 7610 provides restaurants with tax incentives and rent-payment extension schemes of up to 24 months.
Despite the relaxation of quarantine rules, the Antique lawmaker said majority of these restaurants had suffered from foregone dine-in sales and the new complex requirements of supply chains, thus resulting in closures and unprecedented mass layoffs. Under the bill, restaurants can loan additional capital that would allow them to sustain their operations and stay afloat during the pandemic; and provide tax incentives and rent-extension payments under a set of guidelines from the Department of Trade and Industry.
Also, commercial spaces, where the restaurants are established, upon a showing that the tenant has endeavored to stay open and retain at least a minimum number of their staff, shall not be taxed for the year 2020 for rentals paid.
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