Dongjak-gu Urgently Allocates 29.3 Billion KRW Supplementary Budget to Overcome COVID-19 Crisis

▲293 Billion Allocated for Small Business Support, Livelihood Economy Recovery, and Customized Assistance for Vulnerable Groups... Supplementary Budget Submitted on the 30th of Last Month... Finalized on the 7th After Review by the District Council's Extraordinary Session

[Asia Economy Reporter Park Jong-il] Dongjak-gu (Mayor Lee Chang-woo) announced that it has urgently allocated an additional budget of 29.3 billion KRW, including 7.5 billion KRW from the disaster management fund, to support vulnerable groups and small business owners who are facing great difficulties due to COVID-19.

This supplementary budget plan aims to revitalize the local economy and stabilize livelihoods, which have rapidly contracted due to the prolonged COVID-19 pandemic, with allocations of ▲12.3 billion KRW for small business support ▲7.9 billion KRW for livelihood stabilization support ▲1.6 billion KRW for job creation and support ▲7.6 billion KRW for childcare and parenting support.

First, to strengthen support for affected small business owners, the loan amount from the Small and Medium Enterprise Development Fund will be increased by 5 billion KRW to 9.2 billion KRW, and the loan interest rate will be temporarily reduced to as low as 0%.

For small business owners suffering from decreased sales due to COVID-19 and struggling to maintain their livelihoods, a total of 7.3 billion KRW will be allocated to provide emergency living stabilization funds of up to 700,000 KRW per business, making the total small business support budget 12.3 billion KRW.

To support the recovery of the local economy through economic revitalization, 7.9 billion KRW has been allocated. The issuance scale of the Dongjak Love Gift Certificates will be increased to 10 billion KRW, and for Zero Pay affiliated stores, 5% of the Dongjak Love Gift Certificate payment amount will be urgently supported as business preservation funds up to a maximum of 500,000 KRW for four months.

Additionally, 100 million KRW will be invested to revitalize traditional markets and shopping districts through coupon distribution and events.

For job creation and support to expand employment such as COVID-19 public job projects, 1.6 billion KRW has been allocated to employ a total of 323 people, including ▲100 public livelihood jobs ▲45 alley cleaning captains ▲8 park managers ▲150 district disinfection team members ▲20 career-interrupted women for education and employment linkage.

Furthermore, 7.6 billion KRW has been allocated to support childcare teachers' salaries at private and home daycare centers facing difficulties due to a decrease in the number of children caused by COVID-19, as well as support for childcare facility users switching to home care and child allowances.

The supplementary budget plan was submitted to the district council on the 30th of last month and will be finalized after deliberation at the district council’s extraordinary session from the 4th to the 7th.

Lee Chang-woo, Mayor of Dongjak-gu, said, “We have prepared an emergency supplementary budget to overcome the COVID-19 crisis and normalize the local community,” adding, “Once the budget is confirmed, we will do our utmost to minimize the damage to the local economy through prompt execution.”

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