Gyeongnam Province Extends Rent Reduction for Shared Property Leased to Small Businesses Affected by COVID-19

Extension of Public Property Rent Reduction Until December Due to Prolonged COVID-19 Pandemic

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do announced on the 29th that it will extend the reduction of rental fees for public property for small business owners affected by the novel coronavirus infection (COVID-19) until December of this year.

This measure is taken in consideration of the difficulties faced by the local economy due to the prolonged COVID-19 pandemic.

Following the 5 billion KRW reduction support provided last year, Gyeongnam Province will additionally (4th round) reduce and support public property rental fees.

Accordingly, self-employed and small business owners leasing public property can receive an additional reduction of about 2 billion KRW until December this year.

The reduction support for public property rental fees applies a 50% rate of the usage and lease fee calculation rate to lessors using public property, regardless of whether damage proof documents are submitted.

If the damage is not significant, support is provided based on the scale of damage proven by submitted documents rather than applying a uniform rate.

However, in cases of severe damage, submitting damage proof documents can result in a reduction of up to 80%.

Additionally, if public property could not be used during the disaster period, the rental period can be extended by the unused duration or the entire usage and lease fee can be waived.

Applications can be made from July 1st at the relevant department of Gyeongnam Province or the public property department of the city or county.

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