Businesses with increased sales under operating restrictions likely to receive 4th disaster relief fund

Resolution of the Budget and Accounts Subcommittee of the Sanja Middle School Steering Committee

Prime Minister Jeong Sye-gyun is delivering a policy speech on the supplementary budget bill for the 4th disaster relief fund payment at the National Assembly plenary session. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kim Heung-soon] Businesses subject to operating restrictions that saw increased sales last year are also expected to receive the 4th disaster relief fund of 1 million KRW.

On the 15th, the National Assembly's Industry, Trade, and Small and Medium Business Committee's Budget and Accounts Subcommittee approved this during the review of the first supplementary budget under the jurisdiction of the Ministry of SMEs and Startups. To this end, the support fund was increased by 107 billion KRW.

For general businesses with sales decreased by 50% or more, an additional 1 million KRW will be provided, totaling 3 million KRW in support. The budget for this was increased by 132 billion KRW.

Previously, the government had prepared a budget plan to support operating restriction businesses with 3 million KRW only if total sales decreased, and for general businesses divided into management crisis sectors (sales decreased by 20% or more) and sales decline sectors, providing 2 million KRW and 1 million KRW respectively.

Earlier that day, during the review of the supplementary budget under the Ministry of Industry's jurisdiction, the subcommittee extended the support period for small business electricity bills from the existing 3 months to 6 months, increasing the budget by 220.25 billion KRW.

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