Japan's ruling bloc agrees on rent relief plan for virus-hit firms

Japan's ruling parties finalized on Friday a plan to cover part of the monthly rent of small and midsize businesses struggling under the economic impact of the new coronavirus.Under the proposal submitted to Prime Minister Shinzo Abe, the government will shoulder two-thirds of rent for up to six months if small businesses, irrespective of sector, experience revenue drops.The maximum cap for relief will be set at 500,000 yen ($4,700) a month and 250,000 yen for the self-employed. The ruling coalition hopes the program, estimated to cost nearly 2 trillion yen, will start in June.Smaller busin…READ FULL ARTICLE