Hong Kong government launches cash relief for retailers from Monday
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The Hong Kong government will allocate US$271 million in aid for around 70,000 retailers affected by the coronavirus outbreak.
The Retail Sector Subsidy Scheme will launch next Monday, with eligible stores set to receive an HK$80,000 (US$10,300) subsidy under the scheme to help alleviate their financial difficulties.
Beneficiaries of the fund must be substantial retail businesses operating since at least January 1 this year, excluding restaurateurs, hawkers and stalls in department stores without a separate payment system. Mail order, internet and direct marketing businesses are also excluded from the scheme.
Parent companies operating multiple locations can apply for up to HK$3 million ($386,200) in relief funding.
The Hong Kong Trade Development Council will help implement the scheme with retailers instructed to apply online to speed up the application process and minimize the time required for vetting the eligibility of applications received. Applications for support will only be accepted from March 23 to April 12.
A telephone hotline has opened (1836 111) and an email address ([email protected]) established for inquiries from retailers, which are operational now.
Questions & Answers
Q.When does the application period for the Retail Sector Subsidy Scheme begin and end?
When does the application period for the Retail Sector Subsidy Scheme begin and end?
Applications for the scheme will be accepted from Monday, March 23. Retailers have until Sunday, April 12, to submit their applications for the relief funding provided by the Hong Kong government.
Q.Which types of businesses are specifically excluded from receiving the subsidy?
Which types of businesses are specifically excluded from receiving the subsidy?
Restaurateurs, hawkers, and stalls within department stores without independent payment systems are excluded. Mail order, internet, and direct marketing businesses are also ineligible for this particular government scheme.
Q.What is the maximum amount of funding a parent company with multiple retail locations can receive?
What is the maximum amount of funding a parent company with multiple retail locations can receive?
Parent companies that operate multiple retail outlets are eligible to apply for a maximum of HK$3 million in relief funding. This is equivalent to approximately US$386,200, as stated in the article.
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