IMS Legal Professional Corporation is now supporting online applications for the “Subsidy Program for Sustaining Businesses”! The Ministry of Economy, Trade and Industry (METI) has started accepting applications for their “Subsidy Program for Sustaining Businesses” program which provides a maximum of 2 million yen for corporations and 1 million yen for individual businesses for those significantly affected by the spread of the new coronavirus infection (e.g. businesses experiencing a decrease in sales by 50% or more compared to the same month of the previous year).
The day the online application site went live, the server went down, and the site displayed repeated error messages. Also, the application site is unfortunately only available in Japanese.
※ For more information: https://www.meti.go.jp/covid-19/jizokuka-kyufukin.html (Japanese)
However, we know that there are many foreigners who do business in Japan. IMS Legal Professional Corporation will assist foreigners who wish to apply, so feel free to contact us!
A wide range of industries are eligible to apply, including corporations and individuals who have earned business revenue (sales) in the following: agriculture, fisheries, manufacturing, restaurants, retailers, writing (authors), and acting/entertainment.
Program Overview
- Eligible businesses/individuals: Having sales since at least 2019, with sales decreased by 50% or more compared to same month of previous year (year-by-year comparison)
- Application period: May 1, 2020 to January 15, 2021
- Benefits amount:
1) After January 2020, the amount of sales during the month with revenue decreased 50% or more, compared to same month of the year before (=”target month”)
2) Sales of previous year - [sales of "target month” x 12 months], with an upper limit as follows:
・Corporation: Up to 2 million yen
・Individual Business: Up to 1 million yen - Required documents: 1) Finalized tax return; 2) Sales ledger, etc. for the target month; 3) Copy of bank passbook; 4) Identify verification documents (for individual businesses)
Since the application period is until January 2021, application is possible even for those whose revenues decrease 50% or more in the following months.
COVID-19 seems to have been especially difficult on foreigners who run businesses in Japan. We also support other subsidy applications, so feel free to contact us with questions.
