"Geoje-type 3rd Hope-UP Fund", Additional Government Support Payment

100 Million KRW for Prohibited Business Sectors, 50 Million KRW for Restricted Business Sectors, Additional Government Support
Separate Support of 50~100 Million KRW for Employment-Vulnerable Groups Including Unemployed Youth
Fully Funded by City, P

Geo Kwang-yong, Mayor of Geoje City, is briefing on the support plan for the "Geoje-type 3rd Hope-UP Fund." (Photo by Geoje City)

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Sharon] Geoje City, Gyeongnam Province announced on the 14th that it will provide 8 billion KRW worth of 'Geoje-type 3rd Hope UP Fund' to support economic recovery amid difficulties caused by the novel coronavirus infection (COVID-19).

Additional support will be provided to businesses directly affected by the social distancing administrative order, on top of government subsidies.

The core of this support fund is to assist small business owners and employment-vulnerable groups who have been excluded from government support.

Mayor Byeon Gwang-yong of Geoje City announced plans to complete the support for about 21,000 people with a budget of 8 billion KRW before the Lunar New Year holiday.

A total of 4.7 billion KRW will be provided separately from government subsidies: 1 million KRW to 892 businesses in the prohibited gathering industry, and 500,000 KRW to 7,473 businesses in the restricted industry.

Additionally, 1 million KRW will be given to charter bus drivers excluded from government support, and 500,000 KRW to corporate taxi drivers, artists, unemployed youth, and those on unpaid leave.

Burden relief for the public sector will also be extended, with up to 70% reduction in property tax for landlords who reduce rent by more than 10% for over three months.

Usage fees for public properties managed by the city and public institutions will be reduced by 50-80% for six months.

Water usage fee reductions for small business owners will also be extended.

The expected amount of relief is approximately 710 million KRW.

Mayor Byeon said, "I hope this will bring comfort and hope to those enduring difficult times," and added, "Along with government subsidies, we will provide support as soon as possible before the Lunar New Year holiday to further enhance the recovery of the people's economy."

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