'Full-Scale Implementation of the "COVID-19 Affected Small Business Store Reopening Support Project"'

Direct Support for Reopening Costs Targeting 190,000 Small Business Stores Nationwide

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Park Young-sun, hereinafter referred to as the Ministry) announced that starting from the 9th, it will officially implement a project nationwide in collaboration with 17 cities and provinces to support reopening costs for small business stores damaged by the novel coronavirus infection (COVID-19).

This project provides support up to 3 million KRW for stores that suffered damage such as decreased sales due to visits by confirmed COVID-19 patients (stores visited by confirmed patients, stores whose owners are confirmed patients, and temporarily closed stores). The support covers necessary reopening expenses including material costs, promotion and marketing expenses, utility bills, and management fees. In particular, about 170,000 small business stores in special disaster areas with the greatest COVID-19 damage, such as Daegu Metropolitan City and Gyeongsan City, will receive priority support.

To facilitate convenient application, the verification process for small business owners and required documents will be simplified as much as possible. Submission of separate documents for small business verification has been omitted, and local governments will independently verify whether confirmed patients visited the stores. Especially in Daegu Metropolitan City and Gyeongsan City, where applications are expected to surge, preparations have been made to ensure prompt and smooth fund disbursement through online applications, utilization of 128 community centers respectively, and establishment of dedicated counters.

Park Young-sun, Minister of the Ministry of SMEs and Startups, stated, "We have prepared an unprecedented large-scale support project for small business owners to help alleviate the management difficulties caused by direct business damage due to the spread of COVID-19." She added, "As this is the first time implementing such a project, we will actively and promptly execute it in cooperation with 17 cities and provinces to prevent confusion on the ground."

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