Japan Govt to Use 1.2 T. Yen from Coronavirus Reserve Funds
Tokyo, Aug. 5 (Jiji Press)--The Japanese government Wednesday decided to use 1.2 trillion of the 10-trillion-yen reserve funds earmarked under its second fiscal 2020 supplementary budget to battle the novel coronavirus.
About 900 billion yen will go to cash relief mainly to small businesses hit by sales plunges, while 200 billion yen will be used for small-lot emergency loans to individuals.
The government plans to adopt the expenditures at a cabinet meeting Friday.
The number of businesses seeking the cash relief surged after the government began accepting applications in May. This caused concerns about a budget shortfall.
The planned spending from the reserve funds is considered large enough to support an additional 800,000 businesses.
[Copyright The Jiji Press, Ltd.]