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Lin-gang Special Area launches measures to help companies amid epidemic Updated: 2020-02-13

According to the measures, small and medium-sized companies that rent workspace from state-owned companies are eligible for a two-month rent exemption. The measures also specify that the intermediate property owner should implement the policies for the benefit of leasing companies.

In addition, the special area will coordinate with banks to provide favorable loans for hotels impacted by the epidemic.

Lin-gang will advance the subsidies previously promised for companies in the sectors of integrated circuits, artificial intelligence, biological medicine and civil aviation in a bid to relieve pressure on companies’ capital flow.

The area plans to set up a special fund worth 20 million yuan to help cover the loan interests of small and medium-sized companies adversely affected by the epidemic outbreak.

In addition, the area will also set aside 100 million yuan to be used as credit risk compensation funds for companies focusing on the production of epidemic prevention supplies and small and medium-sized companies. It will also build a platform to guarantee financing.

Lin-gang is requiring banks in the area to defer loan repayments for companies which are experiencing financial difficulties.

Lin-gang will also streamline approval procedures for companies looking to resume production, and strengthen the supply of protective medical gear for employees.

For employees from small and medium-sized companies who travel back to Shanghai and need to be put in quarantine, the area will offer rent allowances.

Lin-gang will entrust human resource service institutes to build an online employment platform which will help companies recruit workers online.

It is also encouraging companies to carry out registration and approval procedures online.

Officials said that the 16 measures have been in force since the day they were launched, and will continue until last three months after the conclusion of the outbreak.

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