480,000 Small Business Owners Eligible for Saehope Fund 'Verification Payment'

Online Application Starts
Apply After Simple Document Verification

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 16th that it will begin 'Verification Payment' for small business owners who are difficult to pre-screen using only administrative information held by the government.

The estimated number of small business owners eligible for this verification payment is 480,000, which excludes the 2.46 million rapid payment recipients from the total 2.94 million new hope fund recipients (based on budget allocation).

Among them, a preliminary database has been established for 330,000 people (300,000 in general industries and 30,000 in specially affected industries) using administrative information such as sales, and support will be provided after a simple document verification process. Text messages will be sent sequentially from 2 p.m. today to small business owners included in the preliminary database to guide them on how to apply for the verification payment.

Online applications for verification payments will be accepted from today until the 6th of next month. After verifying supporting documents, payments ranging from 1 million to 2 million KRW will be made.

Small business owners who did not receive prior text notifications because it was difficult to confirm eligibility through administrative information can receive support after going through a verification process by submitting their business registration certificate, sales proof documents, etc. However, in this case, since administrative information verification procedures are required, it is expected to take more than two weeks until payment.

Verification payment applications should primarily be submitted online by small business owners accessing the New Hope Fund application site and submitting supporting documents. To access the site, a mobile phone registered in the applicant's name or a public certificate is required.

If online application is difficult, as an exception, applicants can prepare the application documents themselves and visit local government field reception centers (2,825 nationwide) such as community service centers to apply in person. The on-site application period is from the 26th of this month to the 6th of next month. During the first week of on-site applications, from the 26th to the 30th, a five-day rotation system based on the last digit of the birth year will be implemented to facilitate smooth application processing.

If an applicant who applied for verification payment is notified that they are not eligible, they can submit an objection form within seven days from the notification date either online or by visiting local government field reception centers to file an appeal. In cases of duplicate or fraudulent receipt or failure to meet eligibility requirements, the support funds will be reclaimed as a principle.

Lee Euncheong, Director of the Small Business Policy Division at the Ministry of SMEs and Startups, said, "Online applications are available 24 hours a day, regardless of weekdays or weekends," and added, "We ask that you receive verification payments quickly and non-face-to-face through online applications."

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