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Taiwan rolls out new bailout as COVID surge bites

Domestic industries a focus of latest financial aid package

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People wear face masks to protect against the spread of COVID-19 in Taipei, Taiwan, Tuesday, March 29, 2022. (AP Photo/Chiang Ying-ying)

People wear face masks to protect against the spread of COVID-19 in Taipei, Taiwan, Tuesday, March 29, 2022. (AP Photo/Chiang Ying-ying)

TAIPEI (Taiwan News) — The Cabinet on Thursday (May 26) introduced a new bailout package to support local businesses and those affected by the new surge of COVID-19.

A budget of NT$34.56 billion (US$1.17 billion) will be earmarked to prop up industries, relieve the burden of residents, and provide loan relief, according to the National Development Council (NDC).

Dining and service industries that cover travel agencies, cultural groups, exhibition revenues, airports, and transportation businesses are a focus of the aid. Workers put on furloughs or out of employment will benefit, too.

The relevant subsidies will be doled out between July and December. In addition, the government is implementing tax breaks for lessees of public properties and those hurt by the rising cost of raw materials and natural gas.

An estimated 899,000 individuals are eligible for the new bailout. There is no plan to roll out another round of stimulus vouchers, said NDC.