TAIPEI (Taiwan News) – After more than double the expected 500,000 people applied for COVID-19 loans from the Ministry of Labor (MOL), the Cabinet of Ministers said Thursday (June 24) that all those approved by banks will receive loans.
Applications for 500,000 low-interest loans were opened on June 15, but by June 19, 1.17 million people had filed, causing MOL to put the process on hold.
At its regular weekly meeting on Thursday, the Cabinet decided that all applicants approved by the banks tasked with the verification process would be able to obtain loans. CNA reported.
In addition, the government also stated that candidates can use the annual salary ceiling of Taiwanese $ 500,000 ($ 18,000) for 2020 as the basis for their qualifications. The maximum loan amount remained at NT $ 100,000 with an interest rate of 1.845 percent.
According to earlier estimates, about 10 percent of the total number of applicants could be rejected, bringing the total number of approved loans to just over 1 million. The MOL program is part of an overall package designed to help individuals and businesses weather the impact of the COVID pandemic.
Businesses, cultural organizations and kindergartens are expected to benefit from the government’s latest relief measures.