Japan To Use Reserve Funds To Aid Businesses
The Japanese government is planning to draw over 10 billion dollars from reserve funds to support businesses whose operations are being disrupted amid the coronavirus pandemic. The amount was set aside in the fiscal 2020 budget.
Cabinet ministers made the decision on Tuesday. They plan to allocate 8.4 billion dollars to restaurants and bars that are complying with a government request to shorten hours. Each would receive up to around 17,000 dollars a month.
The decision follows an extension of the country's second state of emergency in Tokyo and several other prefectures over the pandemic.
Another allocation is earmarked for a one-time subsidy to other businesses affected by the emergency measures.
Small and medium-sized companies can receive up to 5,700 dollars. For individual business owners, the maximum payment is about 2,900 dollars.
That spending is expected to total around 2.4 billion dollars.