Japanese Government Prepares 2nd COVID-19 Supplementary Budget... "Support for Small Businesses and University Students"

[Image source=EPA Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The Japanese government has decided to prepare a second supplementary budget (additional budget) focused on support for rent payments for small business owners, considering the extension of the state of emergency related to the novel coronavirus infection (COVID-19).

According to the Yomiuri Shimbun on the 10th, the Japanese government and ruling party have decided to promptly compile the supplementary budget including additional economic measures for COVID-19 and pass it during the current ordinary (regular) Diet session. The measures are expected to mainly include relief for small and medium-sized enterprises' rent burdens and support for economically struggling university students.

Prime Minister Shinzo Abe is scheduled to officially instruct the compilation of the second supplementary budget for the 2020 fiscal year (April 2020 to March 2021) around mid-month. The current regular Diet session runs until the 17th of next month, and the plan is to secure the compilation of the second supplementary budget within this period.

Previously, on the 30th of last month, the first supplementary budget worth 25.6914 trillion yen, containing emergency economic measures for COVID-19, was passed by the Diet. The first supplementary budget includes provisions such as a uniform cash payment of 100,000 yen per person to all citizens.

On the 4th, Prime Minister Abe announced the extension of the state of emergency declared in all 47 prefectures nationwide from the original deadline of the 6th of this month to the 31st.

This content was produced with the assistance of AI translation services.