Up to 3 Million Won Paid to 200,000 Stores Affected by COVID-19
Ministry of SMEs and Startups, Supplementary Budget of 3.0667 Trillion Won... 1 Trillion Invested in Daegu and Gyeongbuk
Kim Im-yong, Acting President of the Korea Federation of Micro Enterprise Associations, along with other association officials, held an emergency press conference on the 12th at the Korea Federation of Micro Enterprise Associations in Dongjak-gu, Seoul, regarding COVID-19 damage cases among small business owners, shouting slogans demanding the guarantee of their right to survival. Photo by Kang Jin-hyung aymsdream@
View original image[Asia Economy Reporter Kim Cheol-hyun] Small business owners who have suffered direct damage due to the spread of the novel coronavirus infection (COVID-19) will receive compensation of up to 3 million KRW.
According to the Ministry of SMEs and Startups on the 18th, following the passage of the first supplementary budget bill for 2020 in the National Assembly, support can be provided for restoration costs and other expenses to 198,000 COVID-19 affected stores nationwide. In particular, 177,000 affected stores in the special disaster areas of Daegu and Gyeongbuk will be the primary beneficiaries.
The Ministry of SMEs and Startups decided to provide 3 million KRW per store for 29,000 stores (26,000 in special disaster areas, 3,000 in other areas) that were closed due to confirmed cases visiting, to cover material costs and restoration expenses for business normalization. For 161,000 long-term closed stores (143,000 in special disaster areas, 18,000 in other areas), 1 million KRW per store will be paid. For 8,200 stores that closed due to COVID-19 damage in the special disaster areas, 2 million KRW per store will be provided for demolition and restoration costs. Affected stores can receive support by applying through the relevant local government.
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The Ministry of SMEs and Startups explained that during the National Assembly review process of this supplementary budget bill, they secured 3.0667 trillion KRW, which is 1.3809 trillion KRW more than the government’s original proposal, giving momentum to support damage recovery for small business owners and SMEs. The National Assembly passed the COVID-19 response supplementary budget bill at the original scale of about 11.7 trillion KRW the day before and agreed to increase the support budget for the Daegu·Gyeongbuk region by about 1 trillion KRW by reducing some project budgets.
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