Yeongdeungpo-gu Allocates 10.5 Billion KRW Supplementary Budget for COVID-19 Response

36 Billion KRW Invested for Small Business and Self-Employed Support, Job Creation... 2.5 Billion KRW Emergency Aid for Public Stability... 860 Million KRW for Strengthening Public Quarantine System

[Asia Economy Reporter Jong-il Park] Yeongdeungpo-gu (District Mayor Chae Hyun-il) has urgently prepared a supplementary budget to actively participate in the national disaster response to COVID-19 and stabilize the livelihood of its residents.

As of March 29, the number of confirmed COVID-19 cases nationwide has exceeded 9,500, and the situation is prolonged due to the continuous increase in confirmed cases among overseas arrivals. Along with the unprecedented postponement of kindergarten and elementary, middle, and high school openings three times, the entire nation is participating in the "social distancing campaign," refraining from social and economic activities.

In this situation, the district urgently prepared the supplementary budget as an emergency measure to alleviate the economic difficulties of residents in anticipation of further cooling consumer sentiment and contraction of the local economy.

The supplementary budget totals 680.8 billion KRW, an increase of 10.5 billion KRW compared to the original budget. The district focused on overcoming COVID-19 damage by supporting operating funds for small business owners and self-employed individuals, stabilizing residents' livelihoods, and strengthening the local community quarantine system.

First, the district will invest a total of 3.6 billion KRW to help small business owners and self-employed individuals overcome damages and create jobs.

It has allocated 3.08 billion KRW from the Small and Medium Enterprise Development Fund to provide interest-free loans of up to 30 million KRW to self-employed individuals and small business owners facing financial difficulties due to rapidly shrinking consumption caused by COVID-19.

Additionally, a budget of 400 million KRW has been set aside to support small business owners who suffered business losses due to temporary closures following visits by confirmed patients or exposure of business names, with up to 1.5 million KRW provided per business.

A budget of 120 million KRW has been allocated to support 124 private and home daycare centers experiencing difficulties such as reduced enrollment due to closures, 77 million KRW for job creation related to COVID-19 response, and 140 million KRW to cover operating expenses for community welfare facilities.

Second, the district will urgently provide a total of 2.5 billion KRW to stabilize residents' livelihoods who are struggling with childcare and self-quarantine.

A budget of 400 million KRW has been allocated to support childcare costs for workers taking unpaid family care leave due to closures of daycare centers, kindergartens, and schools, providing up to 250,000 KRW in living expenses per person for up to five days.

Also, budgets have been allocated under the name of residents' livelihood stabilization, including 1.3 billion KRW for living expenses support for COVID-19 inpatients and patients undergoing treatment, and 790 million KRW to support children who have switched from childcare facilities to home care.

Third, the district will invest a total of 860 million KRW to strengthen the quarantine system in response to the prolonged COVID-19 situation.

The district will invest 83 million KRW in disinfection projects to support autonomous quarantine teams in the community, maintaining a solid basic quarantine network. Additionally, 723 million KRW will be invested in managing medical institutions and pharmaceutical safety, expanding operations of health center screening clinics, and purchasing additional quarantine supplies to ensure stable operation of the public quarantine system.

This supplementary budget was submitted to the district council on the 27th and will be finalized after a two-day temporary council meeting review from the 30th to the 31st.

Chae Hyun-il, Mayor of Yeongdeungpo-gu, stated, "We have prepared an urgent supplementary budget to provide practical help to residents, including small business owners facing difficulties due to COVID-19," and added, "We hope this supplementary budget will serve as a catalyst to stabilize livelihoods and revitalize the local economy."

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