Premier Su Tseng-chang has hailed the start of the government’s fourth economic stimulus program as the country’s businesses feel the effects of a COVID-19 outbreak. In his speech on Thursday, Su said that the first wave of stimulus payments will total NT$260 billion (US$9.4 billion).
On Monday, Taiwan’s Legislature passed its third reading of a bill that raises the budget for government stimulus spending to NT$840 billion (US$30.4 billion). That comes as the country faces its worst outbreak of COVID-19 since the beginning of the pandemic.
The government says it will fund the bill by using past surpluses and by taking on more debt. Su says that’s only possible because Taiwan successfully kept COVID-19 at bay for most of 2020, allowing for strong economic growth.
From June 15, families with children will be able to claim a one-off payment of NT$10,000 (US$360) per child.
Small businesses will benefit too. The government has extended last year’s stimulus package, so all businesses with an insurance sum of less than NT$24,000 (US$870) will be able to claim NT$30,000 (US$1,100). Businesses over that limit will still be able to claim NT$10,000 (US$360).
Su says that the government wants to do as much as possible to help. He says the business support alone should benefit more than three million people.