Gwanak-gu Promotes Support for Good Landlords to Help Small Business Owners and Self-Employed

Good Landlords Voluntarily Lower Rent Receive Up to 1 Million Won Support with Gwanak Sarang Gift Certificates... Applications Accepted by Visit or Mail Until March 31, Selection and Payment Scheduled for April

[Asia Economy Reporter Jong-il Park] Gwanak-gu (Mayor Park Jun-hee) is promoting a Good Landlord Support Project to assist small business owners and self-employed individuals who are suffering from the dual burdens of decreased sales and rent due to the prolonged COVID-19 pandemic.

The district plans to cooperate with Seoul City to encourage local commercial landlords to participate in the Good Landlord Movement by providing up to 1 million KRW in Gwanak Love Gift Certificates (mobile) to landlords who reduce their rent this year.

The support targets landlords whose commercial building converted deposit is 900 million KRW or less as stipulated by the Commercial Building Lease Protection Act, and who have reduced or will reduce the rent of commercial stores this year.

The payment amount varies depending on the total annual rent reduction. For reductions between 1 million KRW and less than 5 million KRW, 300,000 KRW will be paid; for reductions between 5 million KRW and less than 10 million KRW, 500,000 KRW will be paid; and for reductions of 10 million KRW or more, 1 million KRW will be paid.

The application period is until March 31. Landlords wishing to apply can download the application form posted in the announcement section on the Gwanak-gu Office website, fill it out, prepare the required documents, and submit them in person or by mail. Payments will be made as soon as selections are completed in April.

For more detailed information regarding applications, inquiries can be made to the Local Commercial Revitalization Division.

Additionally, good landlords who have reduced rent can receive a tax credit of 70% of the rent reduction amount on income or corporate tax until June 30 of this year.

Meanwhile, last year, 524 landlords participated in the Good Landlord Movement, with a total of 776 stores receiving rent reductions, sharing the pain and adding hope during the difficult times caused by COVID-19.

Mayor Park Jun-hee said, “I sincerely thank all the good landlords who voluntarily participated in rent reductions during these difficult times of COVID-19 spread, and I expect this project to help foster a win-win atmosphere between landlords and tenants. We will continue to do our best to create a mutually beneficial environment between small business owners and landlords for the revitalization of the local commercial district.”

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