Kim Tae-nyeon "Small Business Owners' Pain Grows... Discussing Reasonable Rent Measures"

Kim Tae-nyeon, the floor leader of the Democratic Party of Korea, is attending the party strategy meeting held at the National Assembly on the 15th and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kang Nahum] Kim Tae-nyeon, the floor leader, stated on the 15th regarding the difficulties faced by self-employed individuals and small business owners due to the novel coronavirus infection (COVID-19), "We will discuss fair and reasonable measures concerning the rent issue."

At the floor countermeasure meeting held at the National Assembly that morning, Floor Leader Kim said, "Many citizens are suffering from the spread of COVID-19, but the pain and burden on tenants are even greater due to gathering bans and restrictions. Social discussion and agreement are necessary to resolve rent conflicts."

He added, "The Democratic Party has already passed the Tax Special Act, which provides tax credits to landlords who have reduced commercial rents, and the Commercial Lease Protection Act, which grants tenants the right to request rent reductions. The Democratic Party will gather diverse opinions from stakeholders, civil society, and experts, and, after consulting with the government, will prepare a fair rent solution."

Floor Leader Kim also said, "The Democratic Party will prepare multifaceted measures, including financial support to urgently assist self-employed individuals and small business owners," and "We are reviewing additional support for small business policy funds and will enable applications for the 3.7 trillion won small business policy funds allocated for next year starting in January."

He continued, "We will also consult with the government on ways for more self-employed individuals and small business owners to utilize low-interest loans from the Regional Credit Guarantee Fund, which still has a large remaining limit this year, and loan programs through commercial banks."

Furthermore, Floor Leader Kim expressed his intention to expedite the disbursement of the third emergency disaster relief fund. He said, "We will hasten to ensure that the third customized emergency damage support is promptly executed as soon as the new year begins," and "We will consult with the government to advance the payment schedule as much as possible and simplify the procedures to minimize inconvenience in applications."

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