Japan Ruling Bloc Proposes Rent Relief for Virus-Hit Biz
Tokyo, May 8 (Jiji Press)--Japan's ruling bloc on Friday proposed that the government cover two-thirds of rent payments for businesses hit by the coronavirus crisis.
Under the relief program, the government will provide financial aid equal to two-thirds of rent that businesses pay using zero-interest unsecured loans, for up to six months.
The ruling Liberal Democratic Party and its coalition partner, Komeito, submitted the proposal to Prime Minister Shinzo Abe.
Eligible for the relief are businesses whose monthly sales have halved from a year before, among others. Up to 500,000 yen per month will be paid to small businesses, while self-employed people can get up to 250,000 yen.
The coalition's proposal also included increased financial support to local governments taking their own rent relief measures, as suggested by Komeito. The move reflects rent disparities across the country.
[Copyright The Jiji Press, Ltd.]