Yongsan-gu Provides 1.4 Million Won Survival Fund to Self-Employed Affected by COVID-19

May 25?June 30 Online and Offline Applications... 1.4 Million KRW Cash Paid Over 2 Months at 700,000 KRW per Month with No Usage Restrictions

[Asia Economy Reporter Park Jong-il] Yongsan-gu (Mayor Seong Jang-hyun) is providing survival funds to self-employed individuals affected by COVID-19.

The support targets self-employed business owners who started their business before September 1, 2019, and whose annual sales last year were less than 200 million KRW (100 million KRW if the business operated for less than 6 months). As of the application date, the business must be actively operating, and the main business location on the business registration certificate must be in Yongsan-gu.

Businesses that are effectively closed, entertainment establishments, and those in restricted industries such as gambling, nightlife, and speculation are excluded from loan support.

The support consists of a cash payment of 1.4 million KRW, paid as 700,000 KRW per month over two months. Self-employed individuals wishing to apply can do so online (from May 25 to June 30) or offline (from June 15 to June 30). Similar to the public mask system, applications are accepted based on the last digit of the birth year in a 5-day rotation system. Those whose birth year ends in 1 or 6 can apply on Monday, 2 or 7 on Tuesday, 3 or 8 on Wednesday, 4 or 9 on Thursday, and 5 or 0 on Friday. There are no restrictions on Saturdays and Sundays.

Offline applications can be made at all Woori Bank branches (excluding sub-branches) and on the 4th floor of the district office, following a 10-day rotation system. For example, those whose birth year ends in 0 can apply on the 15th, 1 on the 16th, and 9 on the 26th. Applications are not accepted on Saturdays and Sundays, but all applications on the 29th and 30th are accepted. Applicants must prepare identification, business registration certificate, and a copy of their bankbook.

The district office has formed a dedicated task force led by Director Jo Un-hyung of the Finance and Economy Bureau, divided into general management, operations, and reception teams to carry out the project. To this end, five temporary workers were urgently hired. A dedicated call center is also in operation.

The determination of support eligibility is made by the Seoul Metropolitan Government. They request information on applicants from related agencies such as the National Tax Service, conduct reviews, and notify both the district office and applicants of the results. If there is an objection to the decision, applicants can reapply to the district office within seven days of notification, submitting supporting documents to clarify their objection.

Once the final support recipients are determined, the district office will pay the support funds once a month for two months. The funds can be used without any restrictions on purpose.

Mayor Seong Jang-hyun of Yongsan-gu stated, “Due to the COVID shock, the domestic economy has worsened to a level comparable to the global economic crisis 10 years ago. Following Seoul city’s policy, we will provide survival funds to about 14,000 self-employed individuals in the region to lead the way in overcoming this crisis.”

Since April, the district office has also been supporting employment retention funds for unpaid leave workers. With a total budget of 743 million KRW, up to 1 million KRW per person is provided for those on unpaid leave for five days or more per month. Additionally, 500,000 KRW per household will be provided to special employment and freelance workers who are not enrolled in employment insurance.

Furthermore, the district office plans to overcome the local economic downturn through measures such as ▲rent reduction campaigns ▲operation of a bidding information system ▲improvement of private contract methods ▲priority purchase of small and medium enterprise products ▲loans for SMEs, small business owners, and youth enterprises ▲and issuance of Yongsan Love Gift Certificates.

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