TOKYO -- Small and mid-sized businesses in Japan are facing massive damage as the spread of the new coronavirus forces stores to close and slams the breaks on consumption.
Parliament on Thursday approved a supplementary budget including a new subsidy program for such enterprises struggling to sustain operations, with cash grants of up to 2 million yen ($18,664) for companies seeing declines of 50% or more in year-on-year monthly revenue. Sole proprietors, including freelancers, will also be eligible for a maximum of 1 million yen in subsidies. But large companies with over 1 billion yen of capital are excluded.
