Small Business Association Urges Strong Compensation Measures for Unprecedented Black Christmas

Korean Federation of Micro Enterprises

[Asia Economy Reporter Kim Heeyoon] Small business owners have strongly demanded the establishment of robust compensation measures in response to the nationwide expansion of the ban on gatherings of five or more people.

The Korea Federation of Small and Medium Business (KOSME) issued a statement on the 24th, saying, "With a situation equivalent to the implementation of Level 3 social distancing unfolding, small business owners are devastated, experiencing an unprecedented 'Black Christmas,'" and urged the immediate establishment of high-intensity compensation measures for small business owners.

They emphasized, "This measure is effectively a 'nationwide curfew' except for essential activities, leading to a cascade of cancellations for reservations at restaurants and vacation spots nationwide. With the implementation of social distancing Level 2.5, even more severe damage is expected for small business owners who were already struggling."

KOSME requested specific compensation measures including direct support for rent, prioritizing small business owners in the third emergency disaster relief fund, significant expansion of emergency loans for small business owners, suspension of interest on small business loans by financial institutions, and implementation of various tax relief measures such as VAT reductions.

They added, "It is a natural demand of small business owners that fixed costs such as rent should also be halted when business operations are suspended or restricted. We hope the government will establish strong compensation measures for small business owners, and that the National Assembly will recall its fundamental role as a people's livelihood parliament and promptly deliberate and enact practical rent reduction laws."

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