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Taiwan set to approve 1 million COVID relief loans

Program initially planned for 500,000 loans but need greater than anticipated

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Cabinet more than doubles number of low-interest loans available from Ministry of Labor 

Cabinet more than doubles number of low-interest loans available from Ministry of Labor  (CNA photo)

TAIPEI (Taiwan News) — After more than double the expected 500,000 people applied for COVID-19 relief loans from the Ministry of Labor (MOL), the Cabinet said Thursday (June 24) that all those approved by banks would receive loans.

Applications for the 500,000 low-interest loans opened on June 15, but by June 19, 1.17 million people had filed paperwork, leading the MOL to suspend the process.

At its regular weekly meeting Thursday, the Cabinet decided that all of the applicants approved by the banks entrusted with the review process would be able to receive the loans, CNA reported.

In addition, the government also said the applicants could use the annual salary cap of NT$500,000 (US$18,000) for the year 2020 as a basis for their qualification. The ceiling for the loan remained at NT$100,000, with an interest of 1.845 percent.

Earlier accounts estimated that about 10 percent of the overall number of applicants could be turned away, reducing the total of approved loans to just over 1 million. The MOL program formed part of an overall package designed to help individuals and businesses weather the impact of the COVID pandemic.

Enterprises, cultural organizations and kindergartens are all expected to benefit from the government’s latest relief measures.


Updated : 2021-09-19 06:56 GMT+08:00