Impact of the COVID-19 Assistance to Restart Enterprises (CARES) Loan Program on Tourism Industry in Sorsogon City

The tourism industry contributes significantly to economic development; however, the COVID-19 pandemic negatively affected the industry, making financial support a key measure to mitigate its impact. This study examined the implementation strategies of the COVID-19 Assistance to Restart Enterprises (CARES) Loan Program in Sorsogon City’s tourism industry, its impact, and the challenges encountered in accessing it. Purposive sampling was employed to select twenty-five (25) tourism industry owners or managers as respondents and only eighteen (18) completed survey questionnaire were retrieved. The researcher used a quantitative research method. The CARES Loan Program’s significant implemented strategies are no collateral requirements, technical support provision, and focused on micro, small, and medium-sized businesses. The program’s positive impacts include job retention, non-closure of business, and additional capital for business. The serious challenges encountered in the implementation are limited funding, constrained qualification criteria, and communication gaps. The researcher has proposed strategies to address challenges and extract learnings that can guide the tourism industry, government agencies, and other stakeholders to foster resilience and long-term sustainability amidst ongoing uncertainties. The provision of additional financial support and industry enhancement may be suggested to ensure long-term sustainability in the post-pandemic period. Further researches may be explored on the impact of the program on other industries.