Nong-eochon Gong Extends Rent Reduction for Small Business Owners and SMEs Until Year-End

374 Companies Granted Tax Relief of Over 2.36 Billion Won from Last Year to June This Year

[Sejong=Asia Economy Reporter Moon Chaeseok] Korea Rural Community Corporation announced on the 13th that it will extend rent reductions and freezes on corporation-owned real estate until the end of the year to support small business owners and small and medium-sized enterprises (SMEs) struggling due to COVID-19.

The targets are small business owners with fewer than 10 regular employees and SMEs with total assets under 500 billion KRW who lease corporation-owned real estate and pay rent. They will receive a 50% reduction in monthly rent and a rent freeze for one year for the next term.

For businesses temporarily closed due to confirmed COVID-19 cases or visits, rent will be waived for the relevant period or, if the tenant wishes, the contract period will be extended.

Since March last year, when COVID-19 spread, until June this year, the corporation has reduced rent by 2.365 billion KRW for 374 small business owners and SMEs.

A corporation official stated, "Details of the reductions will be directly communicated to eligible tenants by phone or text message from branch offices nationwide to ensure no one misses out on the benefits."

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