Incheon City Allocates Additional 21.7 Billion KRW for Livelihood and Economic Support... Focus on Eliminating Blind Spots

Expansion of Small Business Management Stabilization Funds, Reduction of Public Property Rental Fees
Support for Metropolitan Bus Fuel Costs and Strengthening of Meal Assistance for Vulnerable Groups

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City has prepared a livelihood and economic support plan worth a total of 21.7 billion KRW to assist small business owners and vulnerable groups who are facing increased difficulties due to the resurgence of the novel coronavirus infection (COVID-19).

This is an additional support measure following the previous four rounds of financial input totaling 1.7866 trillion KRW. It focuses on strengthening projects reflected in next year's main budget to eliminate blind spots in livelihood and economic support, and also promotes tax administration support such as extension of local tax payment deadlines and collection deferrals.

First, 17.2 billion KRW will be invested to support small business owners.

The scale of special guarantees will be expanded, increasing the management stabilization fund support provided to small business owners from the original 37.5 billion KRW to 230 billion KRW (including 130 billion KRW in loans contributed by financial institutions).

Additionally, the interest on loan funds (2.36% as of December) will be fully supported, and 3,758 rental stores on city-owned public properties and 300 rental stores on properties owned by public corporations and industrial complexes will receive a 50% rent reduction for six months starting January next year.

For businesses suffering management damage due to COVID-19, the local tax payment deadline will be extended for six months up to a maximum of one year upon application, and collection will also be deferred.

The city plans to support fuel costs of 3 billion KRW for a total of 305 buses on 22 metropolitan bus routes experiencing financial difficulties.

Since transportation revenue for metropolitan buses decreased by more than 35% from January to November this year compared to the previous year, the city decided to provide emergency financial support to metropolitan bus companies that are not eligible for quasi-public operation system support.

15 billion KRW will also be invested to support meal services for vulnerable groups.

The city will raise the meal support unit price from 5,000 KRW to 5,500 KRW for 13,544 children and adolescents, and for 5,680 elderly people at risk of missing meals, it will continue to provide meal delivery such as substitute meals by applying the temporarily increased meal unit price (4,000 KRW) due to COVID-19.

Furthermore, the number of free meal services provided to homeless people will be expanded from twice a week to five times a week.

The city plans to implement this support plan immediately from January next year. In particular, additional announcements for small business management stabilization funds will be made in January, and fuel costs for metropolitan buses will be supported within the first quarter.

In addition, the city will closely monitor the effects of the 10% cashback benefit of Incheon e-eum and government support measures, and prepare additional support plans if necessary.

Mayor Park Namchun stated, "As the prolonged COVID-19 pandemic has intensified the suffering of citizens including small business owners, this livelihood and economic support plan focuses on filling the gaps missed by existing measures and ensuring that benefits can be felt quickly and effectively."

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