TAIPEI (Taiwan News) — After the number of applications for COVID-19 relief loans from the Ministry of Labor (MOL) reached more than double the available amount, the government said Saturday (June 19) it would start soon on a study to expand the program.
MOL had budgeted 500,000 low-interest loans, but from the launch on June 15 until the end of Friday (June 18), banks received more than 1.1 million applications, CNA reported. As a result, the authorities decided to stop accepting new applications from Saturday morning.
However, a government spokesman said the regular weekly Cabinet meeting scheduled for June 24 would discuss MOL ideas to extend the program, so the current stop would only be temporary.
On average, 10 percent of applications were rejected because they did not meet the criteria. The final maximum amount of applicants was likely to be set at 1 million, according to the CNA report.
Applicants have to be Taiwanese citizens at least 20 years of age and not have made more than NT$500,000 (US$18,000) in 2019 or 2020. The ceiling for the loan was set at NT$100,000 with an interest rate of 1.845 percent.