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Government to introduce second round of financial assistance
Government to introduce second round of financial assistance
But SMEs could suffer from the new measures to control the COVID-19 outbreak. Hong Kong's government will introduce a second round of financial assistance for businesses hit by the novel coronavirus outbreak, according to Chief Secretary Matthew Cheung. The government already released a first aid package last month to support affected businesses and individuals. The Epidemic Prevention Fund will be used to protect workers and stabilise the challenges the economy faces. The government also imposed strict measures to curb the effect of the outbreak, including a 14-day ban on foreign non-residents, restricting public gatherings, and closing public spaces. All international arrivals will be subjected to a 14-day self-quarantine. However, Financial Secretary Paul Chan added that these measures could worsen the condition of small and medium-sized enterprises (SMEs), and could increase the risk of layoffs and closures. Chan said he expects a massive drop in retail sales figures, and it may not be possible for the city's economy to rebound as quickly as it did following the SARS epidemic in 2003.
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