The Ministry of SMEs Leading the 'Good Consumer Movement'... 250 Million Won Prepaid to Restaurants

Actor Yoo Joon-sang recently visited a bakery in Gyeonggi-do and participated in the "Good Prepayment National Campaign," showing his purchase receipt.

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 29th that employees of 11 public institutions under its jurisdiction are actively working to spread the 'Good Consumer Movement' by prepaying approximately 250 million KRW at 836 restaurants nationwide.

This good prepayment campaign was prepared to help small business owners and self-employed individuals who are struggling due to the spread of the novel coronavirus infection (COVID-19).

The Ministry of SMEs and Startups designated establishments operated by small business owners and self-employed individuals for each affiliated institution and department, and used business promotion expenses and department operating expenses to prepay three months' worth of employee meal expenses.

The prepayment campaign involved the Ministry of SMEs and Startups, Small and Medium Business Corporation, Korea Technology Finance Corporation, Small Enterprise and Market Service, Korea Institute of Startup & Entrepreneurship Development, Korea Institute for Advancement of Technology, Korea SMEs and Startups Agency, Korea Credit Guarantee Fund Central Association, Korea Venture Investment Corp., Korea Federation of SMEs Distribution Center, Public Home Shopping, and Korea Disabled Enterprise Comprehensive Support Center.

In the absence of clear regulations on prepayment, the Ministry of SMEs and Startups became the first government ministry to establish guidelines on payment methods and usage through the Active Administration Committee. To provide practical assistance to small business owners and self-employed individuals, the ministry plans to continuously monitor performance from the perspective of active administration.

As the main ministry supporting small business owners, the Ministry of SMEs and Startups plays a significant role in promoting the spread of the good consumer movement through prepayment and pre-purchase methods. Together with the Korea Federation of SMEs, Korea Chamber of Commerce and Industry, Korea Employers Federation, and Korea Federation of Micro Enterprise Associations, it has been conducting the 'Good Prepayment National Campaign' since the 27th.

This campaign includes participation from KB Kookmin Bank, Shinhan Bank, and the National Government Employees Union. Celebrities such as actors Ahn Sung-ki and Yoo Jun-sang, as well as the general public, are joining the campaign, helping it to spread. The national campaign period runs until the 26th of next month.

Earlier, on the 13th, the Korea Association of Small & Medium Business Technology Innovation, Korea Management Innovation SME Association, Korea Federation of SMEs Convergence, Korea Women Entrepreneurs Association, Korea Women Venture Association, and Korea Federation of Micro Enterprise Associations held a good consumer movement agreement ceremony. Minister Park Young-sun of the Ministry of SMEs and Startups attended the ceremony and expressed gratitude to the heads of private organizations participating in the good consumer movement.

The government is actively preparing incentives to revitalize the good consumer movement at the national level. First, to encourage voluntary activation of prepayment and pre-purchase in the private sector, the income deduction rate for credit and check cards used in industries affected by COVID-19, such as food and lodging and tourism, will be uniformly expanded to 80% until June this year. Additionally, a 1% tax credit on income tax and corporate tax will be applied when prepaying or pre-purchasing goods and services from small business owners.

Minister Park Young-sun said, "We plan to provide tax support and incentives such as prizes to help prepayment become active in the private sector," adding, "We will continue efforts to enable more people to participate through various online and offline promotions."

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