Yantai govt unveils measures to bolster enterprises amid epidemic

The Yantai municipal government rolled out 12 supporting measures on Feb 7 to help local enterprises reduce the impact of the novel coronavirus pneumonia outbreak, local media reported.

Local enterprises will benefit from measures such as a reduction in loan burdens, rent, and social security payments.

The government will provide one-time financial subsides of 300,000 yuan ($43, 4783.26 yuan), 200,000 yuan or 100,000 yuan for enterprises which play a key role in epidemic prevention and control.

Enterprises which increase capacity through technological transformation will receive subsidies of up to 10 million yuan.

Financial institutions will help small and medium-sized enterprises by lowering interest rates, waiving overdue interest rates and adjusting repayment terms.

The municipal government will provide exemptions from urban land use tax and house property tax for some enterprises suffering heavy losses amid the epidemic.

Some wholesale enterprises dealing in fresh meat, eggs, and vegetables will be exempted from added-value taxes.

The city will also help companies by reducing social security payments.

Enterprises which have temporary production and operation difficulties can apply for deferred payment of old-age insurance premiums, unemployment insurance premiums, industrial injury insurance premiums, and medical insurance premiums.

The suspension period will last up to 6 months.

For companies which have no or few layoffs, the government will return 50 percent of their actual payment of unemployment insurance premiums in the previous year.