BAILOUTS COMING: The increase would cover subsidies for affected companies’ operating costs, grants for needy households and programs to spur consumer spending
Taipei Times
Date: May 09, 2020
By: Sean Lin / Staff reporter
Legislative Speaker You Si-kun, right, bangs his gavel at the Legislative Yuan in Taipei yesterday to mark the passage of additional funds for the Special Budget for COVID-19 Prevention, Relief and Recovery.
Photo: Tu Chien-jung, Taipei Times
Prior to passing the increase, lawmakers across party lines agreed — during a preliminary review held by six committees and subsequent cross-caucus talks — not to trim the budget, but to bail out industry sectors and individuals’ livelihoods beleaguered by the pandemic.
The budget increase — which builds on NT$60 billion in stimulus funding that was passed on Feb. 25 — is divided into two parts: NT$133.5 billion in relief funds and NT$16.5 billion for disease prevention.
The increase is to cover subsidies for affected companies’ utilities, payroll and operating expenses; credit guarantees and interest subsidies; grants for lower-income households; and programs to spur consumer spending.
