フリーランス・個人向け税務ヒント
東京・有明の税理士ブログ

by Entim Consulting

Tax tips for freelancers (EN)

Covid-19 JFC’s rescue loan #2

This is a quick note on The Novel Coronavirus Special Loan which is provided by JFC. (Updated on July 4, 2020)

The official name of the loan is 新型コロナウイルス感染症特別貸付 (Shingata Korona-Uirusu Kansensho Tokubetsu Kashituke).

  1. JFC, Japan Finance Corporation, is government-backed. This rescue loan is the most widely and favorably available among others at the moment.

  2. It takes one to two months until funding under the current application volume.

  3. JFC has two operating segments. “国民生活事業” (Kokumin Seikatsu Jigyo), also described as “個人営業” (Kojin Eigyo), is applicable to sole proprietors.

Amount 
Up to 80 million yen (but conservatively expect <5M yen)

Condition  
(1) The monthly/quarterly sales has dropped by 5% or more YOY as a general rule.
(2) In business for at least 3 months

Interest 
Base up to 1.75%. Fully subsidized for the first 3 yrs. TBD from onward.

Term 
Up to 20 years for capex, 15 years for working capital

Grace period 
Up to 5 years

Application Steps

  1. Register your email address and submit the application online
  2. Mail ①~⑤ documents to one of the branches that covers your business address.
  3. Await a call from the branch (it might take a month)
    They’ll ask some questions and set up an interview. In some cases, this call may replace an interview.
  4. Take an interview

Application deadline 
None

■Official sources
JFC – Guidance for the application

The required forms
A list of the required forms