Taiwan to approve 1 million pandemic relief loans

More than double the expected 500,000 people had applied for COVID-19 relief loans from the Ministry of Labour (MOL).
By: | June 28, 2021
Topics: Compensation and Benefits | Health and Wellness | News | Taiwan

Taiwan’s Cabinet has said all applications approved by banks would receive the loans. 

The MOL had opened applications for the 500,000 low-interest loans on June 15, but four days later, it received 1.17 million applications, prompting the ministry to stop accepting more applications. 

The Cabinet, at its weekly meeting, agreed that all applications approved by banks tasked to review the process will be able to get the loans. 

The Cabinet also said applicants could use the annual salary cap of NT$500,000 (US$17,860) for the year 2020 as a basis for their qualification. The ceiling for the loan remained at NT$100,000 (US$3,572), with the interest rate fixed at 1.845%. 

It was estimated earlier that about 10% of the total number of applicants could be denied the loans, decreasing the total number of approved loans to just over 1 million.  

READ: Taiwan firms want tax breaks, COVID-19 vaccines and wage subsidies

This MOL programme is part of the government’s overall relief package aimed to help individuals and businesses get through the prolonged pandemic. 

Companies, cultural organisations and kindergartens are all expected to benefit from the government’s latest relief measures, according to Taiwan News.