Ministry of Economy and Finance: "Up to 13.99 million KRW Support per 4-Person Small Business Family Post-COVID"

'Financial Support Project Upgrade' Materials Released
Summary and Self-Assessment of Past COVID-19 Expansionary Fiscal Policies

On January 13th, small business owners receiving consultations related to the Support Fund. Photo by Mun Ho-nam munonam@

[Sejong=Asia Economy Reporter Moon Chaeseok] On the 1st, the Ministry of Economy and Finance announced, "Since COVID-19, cash support of up to nearly 14 million KRW per four-person small business family has been provided." This was a self-assessment summarizing the COVID-19 financial support projects so far.

On this day, the Ministry of Economy and Finance released materials titled "Government Financial Support Project Upgrade for Overcoming COVID-19." After the global COVID-19 pandemic last year, supplementary budgets were prepared five times, promoting financial support amounting to 96 trillion KRW. According to the Ministry, this is an "unprecedented scale."

Calculating the support amount based on a four-person small business family (with two preschool children) belonging to businesses subject to gathering restrictions, the maximum amount per family came to 13.99 million KRW. This includes Emergency Employment Stability Support Fund 1.5 million KRW, New Hope Fund 2 million KRW, Anchor Fund 3 million KRW, Anchor Plus Fund 5 million KRW, electricity bill reduction 290,000 KRW, special child care coupons 800,000 KRW, nationwide disaster relief fund 1 million KRW, and special child care support 400,000 KRW.

A Ministry of Economy and Finance official explained, "To alleviate the increased livelihood burden on citizens caused by quarantine measures and accumulated damages due to COVID-19, we established direct support systems and promptly provided payments during each crisis," adding, "We thoroughly reviewed existing measures to continuously discover support programs ensuring no groups are left in blind spots and prepared more substantial support plans."

He said, "By utilizing administrative information, we simplified the support procedures as much as possible so that support can be received quickly without submitting separate proof documents," and added, "For example, the Anchor Plus Fund is currently being paid by shortening the execution schedule to two days, compared to previously supported New Hope Fund and others."

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