2020-05-18

Pandemic Subsidy for Affected Individuals and Companies Launched

Due to the effects of the COVID-19 pandemic, Taiwan's Executive Yuan has launched a subsidy program for affected individuals and companies. The pandemic subsidy program will provide NTD 1,500 per month to the vulnerable. The program will also provide NTD 30,000 to certain self-employed individual workers (such as restaurant owners and plumbers), while taxi and bus drivers will also be provided NTD 10,000 per month for three months.

Companies affected by the pandemic such as companies engaged in manufacturing, providing technical services, or those in the business services industry will receive subsidies, also.  If a company's turnover declines by 50% due to the pandemic, the program will subsidize 40% of the regular employees' salary expenses (up to NTD 20,000 per worker) for three months, and a one-time subsidy based on the number of full-time employees multiplied by NTD 10,000 will also be provided.  The Ministry of Economic Affairs also promised to expedite the review procedures for granting the subsidy to applicants.

On May 13, the Executive Yuan announced that the amount of pandemic cash bailouts has reached NTD 48.8 billion (including NTD 39.3 billion in subsidies for affected companies), and 2.52 million individuals will benefit.  Additionally, the approved amount of pandemic bailout loans has reached NTD 548.3 billion, with 260,000 laborers receiving such loans.
 
The pandemic subsidy program for companies has so far subsidized approximately 11,100 companies, and ultimately about 146,000 workers will benefit therefrom, while 1.23 million affected individual workers have been subsidized, as well.  The program has also provided one-time subsidies for certain affected companies in an amount totaling approximately NTD 3.2 billion.

 
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