Sogongyeon Urges Passage of 'Minsheng Supplementary Budget' in Front of the National Assembly

At the press conference urging the passage of the supplementary budget for small business owners and public livelihood held in front of the National Assembly main gate on the 17th, Kim Im-yong, acting president of the Korea Federation of Small and Medium Business, is speaking.

[Asia Economy Reporter Kim Cheol-hyun] The Korea Federation of Micro Enterprise Associations urged the prompt passage of the supplementary budget bill, considering practical compensation for damages and tax reduction measures amid the economic downturn and worsening hardships faced by small business owners due to the COVID-19 pandemic.

On the 17th, the Federation (hereafter KFM) held a press conference titled "Press Conference Urging the Passage of the Supplementary Budget for Small Business Owners and Livelihood" in front of the National Assembly main gate, making this announcement. Acting President Kim Im-yong, who read the press statement, lamented, "It is estimated that nationwide population movement has decreased by 70-80%, and since social distancing became widespread after March, with telecommuting expanding, the majority of small business owners have experienced sales declines of over 90% compared to normal times."

Furthermore, KFM emphasized, "We appeal to the government authorities and the National Assembly to employ all means and methods to revive small business owners and the livelihood economy, and we repeatedly urge the National Assembly to promptly review and approve the five major demands announced on the 12th." On the 12th, KFM presented five major demands to the government and the National Assembly: ▲Emergency livelihood support for small business owners ▲Comprehensive tax reduction measures including lowering VAT to 5% ▲Easing existing loan burdens through interest rate cuts and maturity extensions ▲Employment retention subsidies for small businesses with fewer than five employees ▲Support for purchasing hygiene and disinfection equipment for small business stores.

KFM stated, "We urge the National Assembly to reflect the five major demands in the supplementary budget, significantly expanding the current 12 trillion won supplementary budget to about 30 trillion won, passing a super supplementary budget to revive the collapsing small business and livelihood economy." They also requested the National Assembly to engage in discussions including the preparation of second and third supplementary budgets, asking lawmakers to focus on economic recovery rather than political disputes. Additionally, they called for immediate reduction and deferral measures on electricity, water, gas bills, and the four major social insurance premiums for small business owners.

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