Yongsan-gu Extends Application Deadline for Small Business Emergency Management Stabilization Fund by 3 Weeks

Cash Payment of 700,000 KRW (Other Areas) to 1,000,000 KRW (Itaewon Tourist District) for Small Businesses with Under 1 Billion KRW Sales in 2019... Utilizing Former Disaster Management Fund

[Asia Economy Reporter Jong-il Park] Yongsan-gu (District Mayor Seong Chang-hyun) has extended the application deadline for the emergency management stabilization fund for small business owners from the original 4 days to the 25th, extending it by 3 weeks.

The support targets are self-employed individuals (newly established small business owners) who started their business before June 30, 2020, and are still operating as of the application date, as well as small business owners with sales under 1 billion KRW in 2019 (or under 500 million KRW if the business period is less than 6 months).

The main business location on the business registration certificate must be in Yongsan.

Businesses that are effectively closed, entertainment establishments, and those in unhealthy industries such as gambling, pleasure, and speculation are excluded from support. Recipients of Seoul City self-employed survival funds, COVID-19 confirmed case visit business support funds, and store reopening support funds are also not eligible for duplicate support. If operating two or more business locations within the region, funds will be provided for only one location.

The support amount is 1 million KRW per business in the Itaewon Tourism Special Zone, and 700,000 KRW per business in other areas. This differential was applied because the sales decline in the Itaewon commercial district was confirmed to be more pronounced compared to other regions.

Those wishing to apply should submit the fund application form, ID, bankbook copy, business registration certificate copy, small business confirmation certificate, and sales proof documents by the 25th to the Tourism Special Zone Council office (for the Itaewon Tourism Special Zone) or the local community service center with jurisdiction over the business location (for other areas).

Related forms can be downloaded from the announcement and notice section on the district website.

Applications follow a five-day rotation system. To ensure sufficient social distancing, business representatives must submit applications on the day corresponding to the last digit of their birth year: 1 or 6 on Monday, 2 or 7 on Tuesday, 3 or 8 on Wednesday, 4 or 9 on Thursday, and 5 or 0 on Friday.

The district will verify submitted documents such as sales proof and determine eligibility. Results will be notified via text message, and if there is an objection to the decision, related supporting documents can be resubmitted within 7 days from the notification date. The final review results will be informed by the district.

The support funds are expected to be paid in cash to the application account within two weeks from the application date.

As of September 1, the number of applications for the district’s emergency management stabilization fund for small business owners is 2,245, of which 808 cases have been reviewed and 630 million KRW in cash has been paid.

Seong Chang-hyun, Mayor of Yongsan-gu, said, “We have urgently allocated 5 billion KRW from the district disaster management fund to help small business owners in the Itaewon Tourism Special Zone and the region who have been affected by COVID-19,” adding, “With the application deadline extended by 3 weeks, more people will be able to benefit.”

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