Owners of Hagwon, Karaoke, and Entertainment Venues to Receive 3 Million Won Starting Next Month 11th

Government Finalizes 'COVID-19 3rd Wave Damage Support Measures' Worth 9.3 Trillion Won
Up to 3 Million Won Each for 2.8 Million Small Business Owners... Rental Loan Support Also Provided

[Sejong=Asia Economy Reporters Kim Hyun-jung and Son Sun-hee] Business owners in prohibited gathering industries such as entertainment establishments, academies, and karaoke rooms, which suffered damage from the third wave of the novel coronavirus infection (COVID-19), will receive support funds of 3 million won starting from the 11th of next month. They will also receive support for fixed costs such as rent, low-interest loans (1.9%), deferred payment of social insurance premiums, and securing non-face-to-face sales channels.

On the 29th, the government announced a total of 9.3 trillion won worth of "Customized Damage Support Measures in Response to the Third Wave of COVID-19" after the Emergency Economic Central Countermeasures Headquarters meeting and the Cabinet meeting. President Moon Jae-in, presiding over the Cabinet meeting that day, said, "The government has decided to promptly provide the third disaster relief funds to protect the lives of citizens in crisis," adding, "Since time is of the essence, we will swiftly execute the funds from early January next year to protect small business owners and vulnerable employment groups who are suffering due to the COVID-19 situation and government quarantine measures."

The main point of this support plan is focused support for small business owners and vulnerable employment groups. The government will first provide a total of 4.1 trillion won in 'Buttress Funds' to 2.8 million people for ▲prohibited gathering industries such as entertainment establishments, academies, indoor sports facilities, and karaoke rooms (3 million won) ▲restricted gathering industries such as restaurants, cafes, PC rooms, beauty salons, arcades, and movie theaters (2 million won) ▲general industries with annual sales of 400 million won or less that have experienced a decrease in sales (1 million won). In addition, including rent loans (1 trillion won, 400,000 people), expansion of income and corporate tax credits for benevolent landlords (from 50% to 70%), and deferred payment of social insurance premiums (290,000 people), a total of 5.1 trillion won will be spent targeting small business owners.

On the 19th, the government strengthened social distancing measures in the metropolitan area to curb the explosive spread of the novel coronavirus infection (COVID-19). On this day, a notice of business suspension was posted at a karaoke room in the Youth Street of Jonggak, Seoul. Photo by Mun Ho-nam munonam@

For 700,000 special-type workers (special employment types) and freelancers who are vulnerable employment groups, such as substitute drivers, insurance planners, private tutors, and care service workers, up to 1 million won will be paid. Those who have already received emergency employment stabilization funds will receive only 500,000 won. The scale of this project is about 500 billion won. Additionally, 800 billion won will be spent on quarantine projects such as strengthening the public medical system and compensating medical institutions for losses to minimize the re-spread of COVID-19, and 2.9 trillion won will be spent on emergency employment stabilization projects for small business owners, small and medium enterprises, workers, and the unemployed. The government plans to implement the cash support projects announced that day starting from the 11th of next month.

The government intends to secure a total of 9.3 trillion won in funds for support projects targeting a total of 5.8 million people without additional national debt. This will be achieved through 4.8 trillion won in contingency reserves, 6 trillion won in this year's unspent budget, 3.4 trillion won in next year's pre-allocated budget, and 500 billion won through changes in fund operation plans.

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