Gangbuk-gu to Provide 500,000 KRW Support Fund for Small Business Owners Closed Due to COVID-19

Closure and Business Restriction Small Business Owners (Mar 22, 2020 - Apr 29, 2021), 500,000 KRW Support... Must Have Operated for Over 60 Days Before Closure... Apply by June 30 on District Office Websites

[Asia Economy Reporter Jongil Park] Gangbuk-gu (Mayor Park Kyumsu) will provide damage support funds to small business owners in the business suspension and operation restriction sectors who closed their businesses due to COVID-19.

The damage support fund is intended as preparation money for small business owners to find employment or start a new business.

If eligible, 500,000 KRW will be deposited into the applicant's account. Applications can be submitted on the district office website (Citizen Participation section) until June 30. In-person submissions are also possible at the relevant departments by industry.

Required documents include an ID card, certificate of business closure, small business owner confirmation, and a copy of the bankbook.

Small business owners must meet all the requirements to qualify for support. First, they must have operated for at least 90 days before the business closure report in the business suspension or operation restriction sectors. The closure period is from March 22 of last year, when strengthened social distancing was applied, to April 29 of this year, before the announcement date. As of the announcement date, applicants must not be unregistered businesses, have unreported sales to the National Tax Service, or have violated administrative orders related to business suspension or operation restrictions.

If one representative closes multiple business locations, up to three locations can be applied for. Joint business owners can each receive support unless they are spouses or direct lineal relatives, but a family relationship certificate must be submitted. Proxy applications are possible with a power of attorney.

Eligible businesses include about 980 locations across 21 industries such as general restaurants, cafes, and indoor sports facilities. For further inquiries, contact the Job and Economy Division or check the announcement on the district office website (Public Notices section).

Mayor Park Kyumsu of Gangbuk-gu said, “I hope this support fund will help small business owners who closed their businesses prepare for a new start, even if only a little. We will do our best to revive the local economy and neighborhood markets that were hit hard by COVID-19.”

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