SMEs: "Livelihood and Economic Measures Must Be Implemented Effectively"

Government Welcomes Emergency Disaster Relief Fund Measures

Front view of the Korea Federation of Small and Medium Business Associations

[Asia Economy Reporter Kim Daeseop] The small and medium-sized enterprises (SME) sector has expressed a welcoming stance toward the 4th supplementary budget and the comprehensive livelihood and economic measures related to the emergency disaster relief fund announced by the government on the 10th.

The Korea Federation of SMEs stated in a commentary on the same day, "As the prolonged COVID-19 pandemic continues to worsen the management of SMEs, and especially as social distancing measures increase the damage to small-scale merchants, this emergency disaster relief fund (up to 2 million KRW) can at least provide some relief to small business owners struggling with a sharp decline in sales."

The Federation expects that the expansion of COVID-19 special credit loans (2.5 trillion KRW), the increase in emergency management stabilization fund loans for SMEs (300 billion KRW), additional support for employment retention subsidies (240,000 people), and the extension of the support period (from 180 to 240 days) will greatly help SMEs facing liquidity crises and in maintaining jobs due to COVID-19.

The Federation urged, "We ask the National Assembly and the government to work together for the prompt passage of the supplementary budget so that the livelihood and economic measures can be effectively implemented," adding, "The SME sector will also cooperate to overcome the COVID-19 crisis and restore economic vitality."

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