SME Sector: "2nd Supplementary Budget, Timely Support for Livelihood Stabilization Measures"

[Asia Economy Reporter Kim Cheol-hyun] On the 16th, the small and medium-sized enterprises (SME) sector evaluated the 2nd supplementary budget bill (supplementary budget) as "timely measures to support livelihood stabilization policies so far in order to overcome the novel coronavirus disease (COVID-19) crisis."

On the same day, the Korea Federation of SMEs issued a statement saying this and emphasized, "We expect the National Assembly to promptly pass the supplementary budget through bipartisan cooperation, and the government to strengthen follow-up management to ensure that various support measures are smoothly implemented at the channels, while enhancing communication with the field to check for any blind spots in policies, and to do their best to overcome the current COVID-19 crisis."

The government prepared a second supplementary budget worth 7.6 trillion won on the day to provide emergency disaster relief funds due to the COVID-19 situation. The payment targets are 14.78 million households in the bottom 70% income bracket, excluding high-asset owners who possess houses with a publicly announced price of 1.5 billion won or more, or whose annual financial income exceeds 20 million won.

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