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Gist of Japan's stimulus package to mitigate coronavirus impact

Fewer people than usual walk in Tokyo's Ginza shopping district on April 6, 2020, amid the continued spread of the new coronavirus. (Kyodo)

TOKYO (Kyodo) -- The following is the gist of the emergency economic package approved by Prime Minister Shinzo Abe's Cabinet on Tuesday.

    Under the 108 trillion yen ($990 billion) package, the government:

    -- provides 300,000 yen in cash for households whose incomes have more than halved or plunged to a resident tax-exempted level.

    -- gives families receiving child allowances an additional 10,000 yen per child.

    -- provides subsidies of up to 2 million yen to small business owners and medium-sized companies whose earnings have dropped by half or more.

    -- fully exempts firms whose sales have fallen over 50 percent from paying taxes such as consumption and property taxes.

    -- triples the national stockpile of the antivirus drug Avigan, seen as effective in treating COVID-19, to treat two million people.

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