[3rd Supplementary Budget] Additional 4.7 Trillion Won Injected for COVID-19 Affected Small Businesses and Companies

[Asia Economy Reporter Kim Hyo-jin] An additional 4.7 trillion won will be injected to support small business owners and companies affected by the novel coronavirus infection (COVID-19).

The Financial Services Commission announced on the 3rd that the third supplementary budget proposal containing this plan was approved at the Cabinet meeting.

Accordingly, the Financial Services Commission plans to inject an additional emergency fund of about 1.5 trillion won to small business owners and small to medium-sized enterprises struggling due to the prolonged COVID-19 pandemic.

In addition, about 3 trillion won will be invested and contributed to KDB Industrial Bank, IBK Industrial Bank, and the Korea Credit Guarantee Fund to support liquidity for key industries and related companies.

About 200 billion won is also expected to be used to expand policy financial support for low-income and low-credit citizens, provide financial assistance to farmers and fishermen, and support the smooth sale of corporate assets.

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