[Q&A] Applications Start Today... 6.7 Trillion 'Buteummok Fund Plus'

Over 2.5 Million First Rapid Payment Recipients Including Gathering Bans, Business Restrictions, and Management Crises
Up to 3 Million KRW Support for 112 Selected Management Crisis Sectors in 10 Categories

On the 16th, when in-person applications for the Small Business Support Fund for digitally vulnerable groups began, small business owners were receiving consultations related to the Support Fund at the Small Enterprise and Market Service Seoul Jungbu Center. The Ministry of SMEs and Startups announced that among the recipients of the Support Fund, small business owners who cannot verify their identity online or wish to receive the support fund through a proxy can make a reservation and visit the on-site application center to apply in person from today until the 26th. Photo by Moon Honam munonam@

[Asia Economy Reporter Kim Heeyoon] The fourth disaster relief fund, the Small Business Owner Support Fund Plus, began accepting applications on the 29th for the first round of rapid payment recipients.

The Ministry of SMEs and Startups announced that 146,000 people had completed their applications within three hours of the start of the first rapid payment application process, which began at 6 a.m. that day.

According to the Ministry, the first rapid payment target includes approximately 2.5 million businesses. This includes △133,000 businesses under gathering bans △572,000 businesses under operational restrictions △134,000 businesses in general industries classified as management crisis industries △1,661,000 businesses in the sales decline category.

Questions and answers regarding the Small Business Owner Support Fund Plus are organized as follows.

Q. Who is eligible for the Small Business Owner Support Fund Plus?

A. Those subject to gathering bans, operational restrictions, and general industries classified as management crisis industries or sales decline types are eligible.

Q. How to check if a business is included in the management crisis industries?

A. By accessing the Ministry of SMEs and Startups’ Support Fund Plus website and entering the business registration number in the application window, applicants can verify whether their business is classified as a management crisis industry or a general management crisis industry. The corresponding amount calculated will then be provided.

First, the criteria target 112 industries in 10 fields (based on the Korean Standard Industrial Classification detailed categories) where the VAT-reported sales amount decreased by 20% or more in 2020 compared to 2019.

However, objections to industry classification can be made, and this can be addressed individually during the subsequent verification payment stage through explanations regarding one’s industry classification.

Q. Are all businesses subject to operational restrictions eligible for support?

A. Businesses subject to operational restrictions such as reduced operating hours or partial facility closures are eligible, but those whose sales increased during the period are excluded in line with the purpose of supporting affected small business owners.

Q. Can businesses that opened after December 2020 receive support?

A. Yes, they can. The Support Fund Plus has expanded eligibility to include businesses opened as recently as February this year. The sales amount is calculated based on monthly sales up to March this year, and sales decline is applied according to the sales decrease rate of similar industries.

Q. How long does it take from application to payment?

A. For rapid payments, payments are made three times a day for the first three days starting from the 29th. Applications submitted by 12 p.m. are paid at 2 p.m., those submitted by 6 p.m. are paid at 8 p.m., and those submitted by midnight are paid from 3 a.m. the next day.

From April 1, the fourth day after applications begin, payments will be made twice daily. Applications submitted by 12 p.m. will be paid at 2 p.m., and those submitted by midnight will be paid from 3 a.m. the next day.

Verification payments, which involve checking supporting documents, querying sales amounts with related ministries, requesting and receiving document supplements, are expected to take about 3 days to 3 weeks from the application date to payment.

Q. Can street vendors also receive disaster relief funds?

A. The Ministry of SMEs and Startups is considering about 48,000 street vendors as eligible recipients. Local governments will accept applications and provide support if criteria are met. Currently, budgets are allocated as local government subsidies, and the Ministry supports this process.

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