Party and Government "Raise Support Unit Price for Small Business Hope Recovery Fund to the Highest Level"

No Discussion on the Scope of Disaster Relief Fund Recipients and Cashback Issues

Song Young-gil, leader of the Democratic Party of Korea, is delivering opening remarks at the high-level party-government meeting held at the National Assembly on the 19th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Jeon Jin-young] The Democratic Party of Korea and the government agreed on the 19th to expand the scale of loss compensation support for small business owners affected by COVID-19 and to raise the support unit price of the Hope Recovery Fund to the highest level among disaster relief funds to date.

On the morning of the same day, the party and government held a high-level meeting at the National Assembly and agreed on these measures. Ko Yong-jin, the senior spokesperson for the Democratic Party, stated in a briefing, "We have decided to increase the support unit price of the Hope Recovery Fund to the highest level among disaster relief funds and to expand the scope of support for more substantial assistance." The Hope Recovery Fund is scheduled to be paid starting from the 17th of next month. Regarding loss compensation for self-employed individuals, a Loss Compensation Deliberation Committee will be held on October 8, the date the law takes effect, and tailored compensation will be pursued through supplementary budgets for this year and next year. Senior spokesperson Ko said about the increase in this supplementary budget, "The scale of the supplementary budget and the amount by sector need further discussion, but it seems certain that it will increase."

It is known that the issues of the scope of recipients for disaster relief funds and the repayment of credit card cashback, which had disagreements between the party and government, were not discussed on this day. However, Song Young-gil, the leader of the Democratic Party, urged in his opening remarks, "It is time for a bold decision on nationwide disaster relief funds," and added, "We must fully consider opportunity costs such as administrative costs due to income-level separation and fairness concerns." Prime Minister Kim Boo-kyum stated, "Considering changes in the quarantine situation and damages to small business owners, it is necessary to actively and proactively seek ways to increase the Hope Recovery Fund," and added, "We will prepare more substantial support measures, including subdividing industries in management crisis."

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