Small Business Support Fund to Conduct 'Online Verification Payment' Until the 26th of Next Month

For Small Business Owners Unable to Apply Due to Additional Document Submission and Online Identity Verification Issues

[Asia Economy Reporter Kim Heeyoon] The Ministry of SMEs and Startups announced on the 31st that it will proceed with the Small Business Owner Support Fund verification payments until the 26th of next month.

Verification payments are intended for small business owners who are eligible for the Support Fund according to administrative information but were unable to apply due to the need to submit documents or inability to verify identity online.

First, the target includes small business owners whose eligibility for the Support Fund was confirmed through administrative information but who need to submit supporting documents for payment. Businesses operated by co-representatives must submit a power of attorney between co-representatives, and non-profit organizations recognized as small business owners under relevant laws such as social enterprises must submit a social enterprise certification to receive payment. If the business owner is eligible for the Support Fund but has already received the 3rd Emergency Employment Stability Support Fund this year, they must return that support fund to the Ministry of Employment and Labor and submit a confirmation letter.

Also included are small business owners who were part of the 1st rapid payment target but could not apply for support funds through the existing rapid payment method. Typical cases include those without a mobile phone in their name or a joint certificate (formerly public certificate), minors, or those who have changed their name or resident registration number. Cases where proxy receipt is unavoidable due to hospitalization or where the representative only holds a seized account and wishes to receive the support fund in another person's account are also included.

Furthermore, small business owners who are actually subject to gathering bans or business restrictions but only received 2 million KRW as a restricted business or 1 million KRW as a general business and need to receive the difference additionally are included. In this case, they must obtain and submit confirmation from the local government verifying compliance with the gathering ban or business restriction measures.

Small business owners who were not identified as eligible for the Support Fund but have obtained a compliance confirmation for social distancing quarantine administrative orders from the local government are also subject to verification payments.

The Ministry of SMEs and Startups announced on the 31st that it will proceed with the confirmation payment of the Small Business Support Fund until the 26th of next month. Photo by the Ministry of SMEs and Startups

Verification payment requires the small business owner representative to access the Support Fund website and upload supporting documents through an ‘online application’ as the principle. The application period is about four weeks, from 12:00 PM on February 1st to 12:00 AM on the 26th.

An informational text message will be sent to eligible recipients on the morning of the 1st of next month. If the message is not received, eligibility can be checked by accessing the Support Fund website.

The Ministry of SMEs and Startups operates an exceptional ‘reservation and visit application’ for small business owners who were included in the 1st rapid payment target but cannot verify their identity online and thus find online application difficult. The ‘reservation and visit application’ is limited to small business owners who cannot verify identity online or who wish to receive support funds through a proxy.

The 2nd rapid payment, which adds more eligible recipients, will proceed after the completion of last year’s VAT filing in March. Some laundries, photo studios, and others who did not receive the New Hope Fund because their average monthly sales in the first half of last year increased compared to 2019 but whose annual sales for 2019 and last year decreased will also be able to receive the Support Fund.

Meanwhile, the Ministry of SMEs and Startups has paid 3.6991 trillion KRW in Support Funds to 2.68 million people over 19 days from the 11th to the 29th.

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