'COVID-19 Direct Hit' 100 Billion KRW Additional Support for Small Business Owners in the Telecommunications Industry

[Asia Economy Reporter Seolgina Jo] As the COVID-19 pandemic prolongs, the government is launching an additional support program worth 100 billion KRW targeting small business owners in the telecommunications industry, such as agency stores. For affected small business owners, reductions will also be applied to telecommunications and broadcasting fees as well as wireless station inspection fees.

On the 1st, the Ministry of Science and ICT announced that the telecommunications and broadcasting sector support plan was included in the 'COVID-19 Related Industry and Sector Support Measures (III)' approved at the 3rd Crisis Management Meeting.

First, the Ministry of Science and ICT will expand support for rent and operating funds targeting device distribution networks through consultations with the three major telecom companies, and extend the interest repayment grace period for device credit purchases (bonds). The additional support amount through this measure is 105.5 billion KRW, and including previously announced support measures, the cumulative total reaches approximately 420 billion KRW.

The Ministry will provide a one-month reduction in telecommunications fees such as mobile communication and high-speed internet for 30,000 small business owners and self-employed individuals who suffered economic damage due to business closures caused by confirmed COVID-19 cases. Broadcasting fees will also be voluntarily reduced by each paid broadcasting company for at least one month. The recipients of these reductions will be determined in consultation with local governments.

Additionally, inspection fees for wireless stations will be reduced for small-scale facility operators running livelihood-type wireless stations such as small vessels, and for airlines experiencing severe financial difficulties.

This decision was made based on the judgment that the earlier measures taken at the beginning of this month?such as operating funds and early payment of construction costs for device distribution stores and small and medium telecommunications construction companies?were insufficient. Considering that the prolonged COVID-19 pandemic has dampened household consumption sentiment and that telecommunications and broadcasting services are essential goods that help small business owners recover from damages, the Ministry decided to strengthen related support.

To support local producers and small businesses, efforts will also be made to develop sales channels through the Post Office Shopping Mall and home shopping. Through a special exhibition within the Post Office Shopping Mall, where 41 organizations including public institutions such as the Korea Agro-Fisheries & Food Trade Corporation and local governments collaborate, discount coupons will be provided to customers purchasing small business products until April 10. Furthermore, a representative meeting of home shopping companies was held earlier this month, and discussions on lowering sales commission rates and providing financial support for small and medium enterprises will also take place.

The Ministry of Science and ICT stated, "To further strengthen the ICT response system and support measures, we are operating an ICT Emergency Countermeasures Meeting chaired by the 2nd Vice Minister and three task forces by sector," and added, "We plan to implement not only the emergency support plan for small business owners in the telecommunications and broadcasting sectors announced this time but also measures to help the ICT industry recover from damages and revitalize the economy."

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