Jeonnam Province to Reduce Rental Fees for Shared Properties to Support Small Businesses Amid COVID-19 Crisis

[Asia Economy Honam Reporting Headquarters, Reporter Yoon Jamin] Jeonnam Province (Governor Kim Young-rok) announced on the 22nd that it will promote rent reductions for public property leases to alleviate the economic burden on small business owners and others struggling due to 'COVID-19.'

Following the recent revision of the 'Enforcement Decree of the Act on the Management of Public Property and Goods,' which established the legal basis for rent reductions, the province finalized rent reduction measures through the Public Property Deliberation Committee to minimize damage caused by the spread of 'COVID-19' and stabilize the local economy.

The targets are small business owners and small and medium-sized enterprises, with support reducing usage and lease fees by 50% from February to July.

In cases where businesses are closed or suspended, rent will be fully waived for the corresponding period, or the usage and lease period will be extended.

However, public properties used for cultivation, which are subject to the minimum lease rate, and residential public properties, which have lease rates about half of the general rate, are excluded from this support.

In particular, for small business owners who have already paid rent, applications will be accepted starting next month to refund the reduced amount.

For more details, inquiries can be made to the department that signed the usage or lease contract or to the relevant city or county office.

Park Yong-il, Head of the Accounting Division of Jeonnam Province, said, "We hope that support for reducing public property lease fees will help self-employed individuals and small business owners facing management crises overcome the COVID-19 crisis."

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