Third round of $24 billion Anti-Epidemic Fund measures

Funds

2020-09-18

Paul Chan, Financial Secretary of Hong Kong, announced the third round of Anti-Epidemic Fund details on 15 September 2020. In order to alleviate the impact of the epidemic on various industries. The government continues to provide rent concessions and fee exemptions, and further reduces rates for non-residential properties. Above all, the new round of anti-epidemic measures and various rent waivers, the total amount involved is about HK$24 billion.

 

In Summary the Enhancing Anti-Epidemic Capability of HK$13 billion

  1. Procurement of vaccines against COVID-19
  2. Providing additional subvention to the Hospital Authority to combat the winter surge or the next wave of epidemic
  3. Enhancing the capacity of quarantine facilities through engaging hotels as designated facilities, in addition, operating new quarantine centres in Penny’s Bay
  4. Increase quarantine centres for residents of residential care homes for the elderly, as well as residential care homes for persons with disabilities
  5. Subsidy scheme for the promotion of contactless payment in public markets managed by the Food and Environmental Hygiene Department

 

Providing Relief to sectors and individuals directly affected by Government’s Anti-Epidemic Measures of HK$4.5 billion

  1. Extension of the Special Scheme of Assistance to the Unemployed under the Comprehensive Social Security Assistance (CSSA) Scheme for 6 months to 31 May 2021
  2. Provision of additional subsidies to hard-hit sectors including:
    • Catering
    • Tourism
    • Aviation & Transport
    • Child care centres
    • Amusement game centres
    • Beauty parlous
    • Bathhouses
    • Sports
    • Fitness Centres
    • Massage establishments
    • Karaoke establishments
    • Places of amusement
    • Arts & Culture
    • Nightclubs
    • Cinemas
    • Club-houses
    • Party rooms
    • Bars/ pubs
    • Mahjong- Tin Kau Premises
    • Places of public entertainment
    • Companies in performing industry which organise pop concerts
    • Education including kindergartens; not only private primary, but also secondary schools, tutorial schools, education institutions, post-secondary schools.
    • Equally for Providers to schools including catering services, interest classes and school bus services, interest class instructors hired by sub-vented non-governmental welfare organisations


Provide rental concessions, waivers of fees and charges and enhanced rates concessionSimilarly, providing rental concessions, waivers of fees and charges and enhanced rates concession of HK$6 billion

  • Firstly, the rental concessions and waivers extend the existing 75% or 100% rental concessions and waivers for government premises and short-term tenancies by 6 months, extend the existing waivers of 27 groups of government fees and charges by 1 year, provide waiver of 7 new groups of government fees and charges for 1 year, and extend the 75% waiver of water and sewage charges payable by non-domestic households for 4 extra months
  • Secondly, rates concession to non-domestic properties for Q3 and Q4 of 2020-21 by increasing the exemption ceiling from $1,500 to $5,000 per quarter
  1. Nevertheless, invite Hong Kong Housing Authority, Hong Kong Housing Society, Airport Authority Hong Kong, Hong Kong Science Park and Cyberport to provide rental concessions for their tenants.

Enhancement of the SME Financing Guarantee Scheme (SFGS)

Enhancing the Special 100% Guarantee Product under the SFGS:

  • Furthermore, the maximum loan amount increase the ceiling to that for 12 months, or $5 million (originally $4 million), whichever is lower
  • Extension of the maximum repayment period: increase from 3 years to 5 years

* The Hong Kong Monetary Authority has earlier announced the extension of the principal moratorium for the 80% Guarantee Product and the 90% Guarantee Product under the SFGS by 6 months to 31 March 2021, and the increase of the maximum duration of principal moratorium from 12 months to 18 months. The Pre-approved Principal Payment Holiday Scheme was also extended by 6 months to April 2021, while repayment for trade facilities under the Scheme was deferred for 90 days.

 

For further information, please contact us.

 

You may want to read: HK$137.5 BILLION FINANCIAL RELIEF PACKAGE OVERVIEW FOR BUSINESSES

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