Democratic Party "Consulting with Financial Authorities on Support for Businesses Subject to Operation Restrictions and Gathering Bans"

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jinyoung] The Democratic Party of Korea announced on the 13th that it is in consultation with authorities regarding financial support for businesses subject to operating restrictions and gathering bans due to the novel coronavirus infection (COVID-19).

Hong Ik-pyo, the Democratic Party Policy Committee Chair, said in a meeting with reporters at the National Assembly, “Yesterday, the Small Business Federation came to make a proposal, and basically, the party is actively considering such a direction.”

Chairman Hong added, “For quite some time, we have been negotiating with financial authorities on providing financial support to businesses under operating restrictions and gathering bans. We will reach a conclusion soon, and once the details regarding the scale, criteria, and methods of support are thoroughly reviewed and finalized, we will disclose them.”

Regarding the “COVID-19 Damage Relief Act” proposed by party member Lee Dong-joo, he said, “Since this bill was not submitted in consultation with the party’s Policy Committee, we will take it into consideration, but it is not the party’s official stance.” Lee’s bill includes provisions to establish a Loss Compensation Committee under the Ministry of SMEs and Startups to support small and medium enterprises and small business owners.

On the same day, the Democratic Party launched the “Post-COVID Inequality Resolution Task Force,” centered on the party’s Policy Committee and its think tank, the Democratic Research Institute.

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