"Thank You" Rent Reduction 'Warmth' Also in Chungbuk

[Asia Economy (Chungbuk) Reporter Jeong Il-woong] Warm gestures to overcome the novel coronavirus infection (COVID-19) continue across various parts of the Chungbuk region.

Chungnam Province recently announced on the 17th that the number of landlords lowering rents for small business owners facing management difficulties due to COVID-19 is increasing.

According to current data gathered by the province, a total of 256 landlords in 19 traditional markets in the region have joined the so-called ‘Good Landlord Movement.’ Thanks to the participation of these landlords, 581 stores have benefited from rent reductions.

Earlier this month, 120 landlords in six traditional markets participated in the Good Landlord Movement, benefiting 385 stores.

Lee Si-jong, Governor of Chungbuk Province, said, “I would like to express my gratitude to the landlords who decided to share the pain during this difficult time for all local residents due to the impact of COVID-19,” adding, “I hope the rent reductions will comfort small business owners struggling with a sharp decline in sales and become a strong support for them.”

Meanwhile, the government provides a tax credit of 50% of the total rent reduction amount on income and corporate taxes when private landlords reduce rents. Additionally, it is reported that 20 traditional markets nationwide with many stores benefiting from rent reductions will receive bundled support including old electrical wiring maintenance, sprinkler installation, and fire safety measures.

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