Jeonbuk Province Expands Credit Card Fee Support for Small Business Owners Amid COVID-19 Impact

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Jeonbuk Province announced on the 14th that it will expand the support scope to include small business owners with annual sales of 300 million won or less and provide support for card fees to help small business owners suffering from the COVID-19 impact.

Currently, the card fee support project is being implemented for small business owners with annual sales of 120 million won or less in the previous year to alleviate the burden of management costs by supporting card fees, which are identified as the biggest management burden factor for small business owners in the province.

However, as concerns about infection due to the spread of COVID-19 have created an atmosphere where people avoid going out or gathering, most small business owners are experiencing a decline in sales.

Accordingly, the province has taken a drastic measure to significantly expand the target of the card fee support project to small business owners with annual sales of 300 million won or less in the previous year to minimize the damage to small business owners directly hit by COVID-19.

The support details remain the same as before: 0.8% of card sales, up to a maximum of 500,000 won.

Applications for support can be made by visiting the eup/myeon/dong offices of city and county governments in person or by mail, fax, or email until May (or until funds are exhausted).

Required documents for submission include ▲application form ▲proof of previous year's sales (value-added tax taxable standard certificate) ▲proof of card sales (POS machine printout, etc.) ▲business registration certificate ▲copy of bankbook.

This project is available for all industries except entertainment and gambling businesses, but those who do not meet the requirements due to business closure or relocation to another city or province will be excluded from support.

Shin Won-sik, Jeonbuk Province Director of Job and Economic Policy, said, “We hope this will be of some help to small business owners who have suffered direct and indirect damage due to the COVID-19 impact,” and added, “We will respond more thoroughly so that the local economy, which has been depressed by this crisis, can revive.”

This content was produced with the assistance of AI translation services.