Yeongdeungpo-gu Allocates 17.3 Billion KRW in COVID-19 Supplementary Budget... Customized Support for Small Business Owners and Vulnerable Groups

Emergency supplementary budget increased by 17.3 billion KRW over the original budget... Total budget for this year set at 734.9 billion KRW... 2.9 billion KRW allocated for tailored support to small business owners and vulnerable groups... 2.8 billion KRW invested to strengthen COVID-19 quarantine system and screening clinics... Additional 11.6 billion KRW allocated for disaster response and prompt implementation of pending projects

[Asia Economy Reporter Jong-il Park] Yeongdeungpo-gu (District Mayor Chae Hyun-il) submitted the first supplementary budget proposal (supplementary budget) worth a total of 17.3 billion KRW to the district council on the 26th to support small business owners and vulnerable groups struggling due to COVID-19.

Currently, the nationwide number of confirmed COVID-19 cases has exceeded 110,770 (as of March 26), and as the spread of the infectious disease continues unabated, the COVID-19 crisis is becoming prolonged.

In this situation, the district urgently prepared the supplementary budget as an emergency measure to alleviate the economic difficulties of residents in anticipation of further cooling consumer sentiment and contraction of the local economy.

As a result, the district’s total budget for this year is expected to reach 734.9 billion KRW, an increase of 17.3 billion KRW compared to the original budget.

This supplementary budget focuses especially on ▲ tailored direct support for small business owners and low-income groups who are the actual victims of COVID-19 ▲ strengthening COVID-19 quarantine measures ▲ enhancing emergency response capabilities for disasters and calamities.

First, the district will invest a budget of 2.9 billion KRW for direct support to small business owners and low-income groups.

To assist small business owners struggling due to COVID-19, 1.1 billion KRW is allocated from the Small and Medium Enterprise Development Fund transfer. A total of 20 billion KRW will be provided as interest-free loans up to 20 million KRW per business to help stabilize the management of small business owners in urgent need of funds.

Additionally, 1.53 billion KRW is allocated as living support funds for low-income vulnerable groups. A total of 15,300 people, including basic livelihood security recipients, near-poverty groups, and legally single-parent families, will receive 100,000 KRW per person to support their livelihoods.

Furthermore, 280 million KRW will be provided to cover operating expenses for care and welfare facilities. Targeted support will be given to daycare centers facing operational difficulties due to prolonged closures, local children’s centers burdened by emergency care, and elderly care facilities severely affected by intensive quarantine measures, aiming to ensure stable welfare service provision.

Next, 2.82 billion KRW will be invested to strengthen the quarantine system and enhance the operation of screening clinics in response to the prolonged COVID-19 situation.

740 million KRW will be used for disinfection projects related to confirmed patients’ movement paths to firmly manage the basic community quarantine network, and 1.8 billion KRW will be invested to expand the operation of public health center screening clinics to stabilize the public medical system.

Also, 280 million KRW will be allocated to support quarantine supplies for multi-use facilities such as child and religious facilities and apartment complexes, proactively blocking the spread of COVID-19 in multi-use facilities.

Finally, 11.6 billion KRW is allocated as contingency funds for disaster and emergency purposes and urgent pending projects.

In cooperation with Seoul City, 8 billion KRW is allocated as contingency funds for disaster and emergency purposes to prepare disaster relief funds for the livelihood economy, which will be deployed appropriately in the event of various types of disasters and emergencies such as infectious diseases in the future.

Additionally, 3.6 billion KRW is allocated for the project to establish a public cultural welfare space at Times Square within this year.

This supplementary budget proposal was submitted to the district council on the 26th and is expected to be finalized after deliberation at the district council’s extraordinary session on the 31st.

Yeongdeungpo District Mayor Chae Hyun-il said, “This supplementary budget was prepared to ensure the smooth implementation of urgently needed projects to respond to the ongoing COVID-19 situation,” and added, “We expect this supplementary budget to serve as a catalyst for overcoming COVID-19 and restoring daily life.”

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