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GOJ approves nearly $1 trillion package to mitigate coronavirus impact

  • April 8, 2020
  • , All national papers
  • JMH Summary

All national dailies wrote that the GOJ approved at a cabinet meeting on Tuesday its largest-ever 108-trillion-yen ($990 billion) stimulus package to help struggling households and businesses survive the impact of the coronavirus outbreak. The package includes fiscal measures worth about 39.5 trillion yen ($360 billion) to implement steps such as cash allowances for households and small companies and tax and social security payment

deferments for businesses. Under the package, the government plans to distribute 300,000 yen ($2,750) to lower-income households that have lost more than half of their income amid the virus outbreak and those whose income has fallen to a level that would exempt them from paying resident tax. Households receiving child allowances will receive lump sum payments of 10,000 yen ($92) per child. Subsidies of up to 2 million yen ($18,300) will be provided to medium-sized companies and 1 million yen ($9,700) to small business owners, including freelance workers, whose revenues have dropped significantly, to help them continue operating.

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