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The Return of the Dead? The COVID-19 Business Support Programs in Japan

Takeo Hoshi, Daiji Kawaguchi () and Kenichi Ueda ()
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Takeo Hoshi: University of Tokyo

No CARF-F-513, CARF F-Series from Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo

Abstract: We designed and conducted a firm-level survey on the use of COVID-19-related government programs, in collaboration with Tokyo Shoko Research, LTD (TSR). Combining the survey results with the financial statements of the respondent firms, we investigated the factors behind the allocation of various government programs. We find that firms that had low credit scores before the COVID-19 pandemic were more likely to apply for and receive the subsidies and concessional loans offered by the Japanese government in 2020.

Pages: 64
Date: 2021-04
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