Seocho-gu Provides 500,000 Won in Damage Support Funds for Closed Small Business Owners

50,000 KRW Support for Small Business Owners Subject to Closure or Operation Restrictions Since March 22 Last Year... Online Application Available on Seocho-gu Website Until July 30

[Asia Economy Reporter Jongil Park] Seocho-gu District Office (Mayor Eunhee Jo) is launching the ‘Closed Small Business Support Project,’ which provides 500,000 KRW to small business owners who have closed their businesses due to the sharp decline in sales and compliance with social distancing administrative orders amid the fourth wave of the COVID-19 pandemic.

Due to the prolonged COVID-19 pandemic, small business owners have faced extended business restrictions, resulting in continuous sharp declines in sales and financial difficulties. Until now, support projects for small business owners were limited to ‘operating businesses,’ leaving those who had closed their businesses excluded.

To address this blind spot, the Seoul Metropolitan Government revised the ordinance concerning support for small business owners in Seocho-gu and initiated the Closed Small Business Support Project.

The eligibility criteria are ▲ businesses classified as small businesses based on sales and number of regular employees ▲ small businesses subject to gathering bans or business restrictions ▲ businesses that closed between March 22, 2020 (when enhanced social distancing was implemented) and June 7, 2021 (announcement date). However, cases violating local government administrative orders are excluded.

To provide broad support, the district allows applicants who have closed multiple businesses to receive support for all of them, and in cases of joint representatives, all representatives are eligible for support (except for direct lineal ascendants or descendants). Additionally, recipients of the government’s re-challenge encouragement grant can receive overlapping benefits.

Online applications for the ‘Seocho-gu Closed Small Business Support’ are available on the Seocho-gu website until July 30, and in-person applications will be conducted by appointment only to maintain social distancing and prevent confusion.

Detailed information can be found on the ‘Seocho-gu District Office website.’

For further inquiries, contact the Seocho-gu District Office Job and Economy Division.

Seocho-gu Mayor Eunhee Jo stated, “I hope this support fund will provide some comfort to small business owners who have closed their shops and are facing difficulties,” and added, “We will actively prepare support measures to help them recover as soon as possible.”

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