'Closed Business Rechallenge Incentive'... 3,774 Recipients Receive 1.887 Billion Won
Ministry of SMEs and Startups
First Payment to Small Business Owners on the 28th
[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 29th that it has paid a total of 1.887 billion KRW, 500,000 KRW each, to 3,774 people who applied for the 'Closed Store Rechallenge Incentive' and completed the online education.
This incentive was established to alleviate the burden on small business owners who reported closures due to the resurgence of the novel coronavirus infection (COVID-19), and the first payment was made on the 28th. To ensure prompt support for the Rechallenge Incentive, the Ministry sent text messages to 27,000 small business owners who reported closures from the 16th of last month to the 16th of this month, guiding them on how to apply.
In particular, by utilizing administrative information, a database of small business owners who reported closures was pre-built, allowing immediate verification of eligibility at the application stage without the need for separate document submission. Additionally, applications and education were conducted simultaneously on an online dedicated site, enabling rapid payment before the Chuseok holiday.
The Ministry also sent application guidance messages to 3,051 small business owners who reported closures from the 17th to the 23rd through a second screening. The Rechallenge Incentive will be paid on the 29th to small business owners who completed the application and education from the 26th to the 28th. However, for those who apply on the 29th and during the holiday period, the incentive will be paid immediately after the holiday.
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The Ministry plans to support practical recovery for closed small business owners by linking various small business owner recovery programs. The Closed Store Rechallenge Incentive will be paid only until December 31 of this year.
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