TOKYO — The following is the gist of the emergency economic package approved by Prime Minister Shinzo Abe’s Cabinet on Tuesday.
Under the 108 trillion yen ($990 billion) package, the government:
— provides 300,000 yen in cash for households whose incomes have more than halved or plunged to a resident tax-exempted level.
— gives families receiving child allowances an additional 10,000 yen per child.
— provides subsidies of up to 2 million yen to small business owners and medium-sized companies whose earnings have dropped by half or more.
— fully exempts firms whose sales have fallen over 50 percent from paying taxes such as consumption and property taxes.
— triples the national stockpile of the antivirus drug Avigan, seen as effective in treating COVID-19, to treat two million people.