"Small Business Owners Affected by COVID-19 Can Receive 500,000 Won... Applications Accepted Until the 9th of Next Month"

Sogongyeon to Provide 500+ Small Business Owners with 500,000 KRW Each
Targeting Businesses Below 40% of Median Income Last Year

[Asia Economy Reporter Kim Bo-kyung] The Korea Federation of Micro Enterprise Associations will provide 500 small business owners facing economic difficulties due to the COVID-19 crisis with 500,000 KRW per person.

The Federation announced that it will begin accepting applications for the "Emergency Living Stabilization Fund for Small Business Owners" starting July 1, in collaboration with the Community Chest of Korea and the Credit Card Social Contribution Foundation.

This support project is implemented through cooperation between the Federation and the Credit Card Social Contribution Foundation, which designated funds to the Community Chest of Korea, providing up to 500,000 KRW per business owner.

The recipients are small business owners nationwide who meet the following criteria: ▲ their sales volume meets the small business standards, ▲ they are currently maintaining their business, and ▲ their 2020 income is below 40% of the median income standard.

Financial assets and debts will not be separately investigated. However, entertainment, gambling industries, and professional occupations are excluded.

The total number of recipients is about 500 businesses, with a payment of 500,000 KRW per business owner regardless of the number of household members, paid once.

Applications start on July 1, and both online and offline submissions will be accepted until 6 p.m. on July 9. Applications can be submitted through the Federation’s official blog by attaching the required documents.

For offline applications, applicants can download the application form from the Federation’s blog, fill it out, and mail it along with the required documents to the Federation.

Based on the submitted documents, income verification and duplication checks will be conducted, and selected recipients will be individually notified before the payment is made in early August.

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