One Month Since Support Fund Payment... 4.5 Trillion Won Provided to 2.72 Million Businesses

On the 19th of last month, when the additional payment of the Support Fund Plus began, small business owners who visited the Seoul Jungbu Center of the Small Enterprise and Market Service in Jongno-gu, Seoul, received consultations regarding the support funds. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Kim Daehyun] The government has reportedly completed the payment of approximately 4.5 trillion KRW in the 4th COVID-19 disaster relief fund through the Support Fund Plus program targeting small business owners.

On the 2nd, Son Youngrae, head of the Social Strategy Division at the Central Disaster and Safety Countermeasures Headquarters (CDSCH), stated this during a discussion on the progress of the Support Fund Plus system at the CDSCH meeting.

According to Son, as of the 29th of last month, a total of 4.4951 trillion KRW in Support Fund Plus payments have been completed to about 2.72 million small business owners. This is one month after the Support Fund Plus program, budgeted through the additional supplementary budget in January this year, began disbursing funds on March 29.

Currently, the government is providing a total of 14 trillion KRW to alleviate the economic difficulties of small business owners, including 2.8 trillion KRW in New Hope Fund, 4.5 trillion KRW in Support Fund, and 6.7 trillion KRW in Support Fund Plus. Small business owners and small enterprises who meet the criteria, such as those with restricted business hours due to COVID-19 quarantine measures, receive support ranging from 1 million to 5 million KRW.

Additionally, the government supports small enterprises and small business owners who are subject to gathering bans or business restrictions due to COVID-19 quarantine measures or have experienced a decrease in sales, with support up to 5 million KRW depending on the extent of the damage.

The Ministry of SMEs and Startups explained at the CDSCH meeting that it plans to proceed with future payments without disruption and will also accept appeals from business owners who have been notified that they are not eligible for support within this month.

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