Chungnam Provides 150 Billion KRW Emergency Living Stabilization Funds to Small Business Owners and Others

[Asia Economy (Naepo) Reporter Jeong Il-woong] Emergency support of 150 billion KRW in living stabilization funds will be provided to small business owners and others in the Chungnam region.

Chungnam Province announced on the 19th that the province and 15 cities and counties in Chungnam have decided to provide living stabilization funds to approximately 150,000 people, including local small business owners, transportation workers, low-income groups, irregular workers, special-type workers, and freelancers.

The living stabilization funds will be provided in the form of supplementary budgets prepared by the province and cities/counties to support residents whose livelihoods are threatened due to economic downturn and temporary facility closures caused by the spread of the novel coronavirus infection and efforts to contain the epidemic.

For small business owners, those with annual sales of 300 million KRW or less last year, operating in mining, manufacturing, construction, transportation, individual taxi businesses, and eco-friendly agricultural product catering companies with fewer than 10 employees, who experienced a decrease of 20% or more in card sales last month compared to the same month last year, will receive living stabilization funds. The province expects the number of eligible recipients to be around 100,000.

Transportation workers include 1,847 employees from 19 city bus companies, 1,209 employees from 5 intercity bus companies, 3,029 employees from 70 corporate taxi companies, and charter bus drivers whose income has decreased due to COVID-19.

Additionally, about 45,000 people, including unemployed and daily workers with income below 80% of the median income, as well as irregular workers such as special-type workers and freelancers, are expected to receive living stabilization funds.

However, basic livelihood security recipients, basic pension recipients, unemployment benefit recipients, and small business owners outside the system such as street vendors and unregistered business operators are excluded from support under other laws and regulations. Furthermore, the province and each city/county will include those "deemed particularly necessary" as eligible recipients.

The support amount is 1 million KRW per household (or business), and transportation workers will receive support based on separately calculated losses for each company. The support is scheduled to be provided next month, and each city/county will autonomously choose the method of support among cash, local currency, or check cards.

The 150 billion KRW budget required for the living stabilization fund support will be shared equally by the province and cities/counties at a 50% ratio each. To this end, the province expanded the budget plan on the 19th, submitted the supplementary budget plan to the provincial council on the 20th, and plans to prepare detailed implementation plans including eligible recipients and required documents by the 25th.

In addition, the province plans to amend the "Chungnam Small Business Support Ordinance" through the provincial council and undergo supplementary budget review.

Yang Seung-jo, Governor of Chungnam Province, said, "Through the local government meeting, the province and each city/county reached a consensus on the necessity of supporting living stabilization funds and finally agreed to provide emergency support. We will ensure the prompt execution of the budget so that necessary support for the livelihood economy is provided in a timely manner in line with the government's supplementary budget."

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