Special Government Loans During COVID-19: A Look at Repayment Rates
Did you know that only 37% of special government loans provided to those in need during the COVID-19 pandemic have been repaid? According to recent data compiled by the welfare ministry, of the roughly ¥104.7 billion in loans due by the end of 2023, only about ¥38.7 billion has been repaid.
This means that a significant amount, approximately ¥65.9 billion, is still outstanding and has not yet been paid back. Local social welfare councils are now stepping in to urge borrowers with overdue loans to repay the money, either through visits or by sending documents to their homes.
Unfortunately, despite these efforts, many of these loans remain outstanding. The main reason for this is that borrowers are still struggling to rebuild their lives even after the pandemic has passed. This highlights the ongoing challenges faced by many individuals and families in the wake of COVID-19.
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