Press Releases

(11 November 2019, Hong Kong) Thank you for your patience. Online application for Phase Two of the Crunch Time Instant Relief Fund supporting SMEs in the retail industry will begin shortly.

Total Grants Available	:	HK$600 million
Types of Retailers Eligible	:	The Foundation identified the five hardest hit retail areas following discussions with industry representatives and with reference to the Government’s Survey of Retail Sales.
Submissions Options	:	2 options available. Option HK$60,000 Applicant is within the listed five hardest hit areas and will provide MPF Contributions Statement can apply. Option HK$30,000Applicant without MPF Contributions Statement or is outside of the listed five hardest hit areas can apply.

Key Requirements	HK$60,000 Grant	HK$30,000 Grant
Fewer than 50 employees	✔	✔
Business in operation before 1 May 2019	✔	✔
Valid Business Registration	✔	✔
Retailers who belong to one of the categories below and provide an MPF Contributions Statement within three months: Clothing, footwear and allied products Electrical goods and other consumer durable goods Books, newspapers, stationery and gifts Chinese herbs and drugs Medicine and cosmetics	✔
Retailers who belong to one of the categories below and DOES NOT provide an MPF Contributions Statement within three months: Clothing, footwear and allied products Electrical goods and other consumer durable goods Books, newspapers, stationery and gifts Chinese herbs and drugs Medicine and cosmetics		✔
Other unclassified retailers of consumer goods		✔
Bank account name and number (Bank account name must match Business Registration)	✔	✔

Application Period

• Online application opens from 18 November 9:00am to 24 November 5:00pm
• Grants will be disbursed before mid-December
• If the number of eligible applicants exceeds the quota of the Second Phase, the Foundation will select successful applicants randomly by a computer.

The Foundation will continue to adopt a “trust more, stress less” attitude towards vetting each application. We appreciate your support and hope that the Crunch Time Instant Relief Fund will help play a small role in weathering the storm.

Crunch Time Instant Relief Fund QAs

1. Why are these five types of retail outlets given larger grants (1. Clothing, footwear, and allied products; 2. Electrical goods and other consumer durable goods; 3. Books, newspapers, stationery, and gifts; 4. Chinese drugs and herbs; and 5. Medicines and cosmetics)?
   After consulting the retail industry and taking into account the Government’s survey statistics, the Foundation decided to give additional support to the heaviest hit sectors.


2. Why do retailers of the five hardest hit areas with MPF contributions receive HK$60,000, while those without MPF receive only HK$30,000?
   MPF scheme is one of the indicators of social responsibility.


3. Why isn’t the Crunch Time Instant Relief Fund disbursed on a geographical basis?
   The decision was based on industry input.


4. Did you consult retail industry representatives? Did they offer any feedback?
   We have communicated with industry representatives and exchanged views


5. Does the retail outlet have to be a physical shop?
   Yes, applicants must have a physical retail shop.


6. Why is the total grant amount larger for retailers than for F&B outlets?
   After taking into consideration the current retail environment and supporting statistics, we believe this is the appropriate distribution.


7. Do you take into consideration the applicant’s background, operations philosophy, or other factors in your vetting process?
   Applications are processed by computer. All eligible applicants have an opportunity to receive a grant.


8. Supporting Organisations
   The implementation of the Crunch Time Instant Relief Fund has received strong support from a number of major corporations on a pro bono basis, and we would like to express our deep appreciation to HSBC, PricewaterhouseCoopers, Woo, Kwan, Lee & Lo, Google Cloud, ESD Life, and WeLab.

Enquiries:
Please email us at info@lksfsme.hk

About the Li Ka Shing Foundation
The Li Ka Shing Foundation was established in 1980 to work on education, medical services and research initiatives. To date, Mr Li has invested over HK$26 billion across 27 countries and regions, with about 80% of the projects within the Greater China region. In 2006, Mr Li described his philanthropic effort as akin to having another son in the family. He called for a paradigm shift in our Asian culture of giving, through apportioning more of our wealth and means towards social capital so that we could bring forth great hope and promises for the future.

For media inquiries, please contact:

Li Ka Shing Foundation
Erica Liu
Email: erical@ckh.com.hk

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