Hamyang-gun Opens First Round of Applications for 'Small Business Support Fund'

Ban on Gatherings, Business Restrictions, and Rapid Payment for Small Business Owners Who Have Already Received New Hope Funds

Exterior view of Hamyang County Office (Photo by Hamyang County)

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Hamyang-gun, Gyeongnam Province announced on the 11th that it will provide the ‘Small Business Support Fund’ to businesses affected by strengthened social distancing and quarantine measures.

Within the county, small business owners in prohibited gathering and restricted business sectors, as well as general business sectors that received the second disaster relief fund (New Hope Fund), are eligible for the first rapid payment.

The payment amounts are 3 million KRW for prohibited gathering sectors, 2 million KRW for restricted business sectors, and 1 million KRW for small general business sectors with decreased sales.

Small general business sectors with decreased sales refer to general business establishments with annual sales of 400 million KRW or less in 2020, whose sales have decreased this year compared to last year.

If the business was opened before November 30, 2020, support is provided if the annualized sales based on sales from September to December are 400 million KRW or less, and the December sales are less than the average monthly sales from September to November.

However, even if the business falls under prohibited gathering, restricted business, or decreased sales general business sectors, the support fund will not be provided if the business was opened after December 1, 2020.

Gambling-related sectors, professional occupations such as lawyers, hospitals, pharmacies, and financial and insurance-related sectors excluded from small business policy fund loans are also excluded from support.

A county official stated, “We hope that all small business owners eligible for the government-supported Small Business Support Fund will apply without exception,” and added, “We will closely cooperate with the government and the province to ensure prompt support.”

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