Sogongyeon Welcomes 3.5 Trillion Increase in Small Business Support... Demands Participation in Loss Compensation Deliberation Committee

The Korea Federation of Micro Enterprise (KFME) positively evaluated the government and ruling party's decision to expand support for small business owners affected by losses and demanded that the participation of small business owners be guaranteed in the Loss Compensation Deliberation Committee.

On the 20th, KFME issued a statement regarding the ruling party and government’s agreement the previous day to increase the budget for the Hope Recovery Fund and loss compensation for small business owners, deciding to raise the supplementary budget by 3.53 trillion won.

KFME stated, "We positively evaluate the decision made at the ruling party-government council," and added, "We hope this supplementary budget will lead to a significant increase in the amount of support for small business owners affected by losses."

They also said, "In addition to the policy to expand support, the ruling party and government’s commitment to enhance promptness is also commendable." Regarding the decision to start distributing support funds for small business owners from the 17th of next month and to hold the Loss Compensation Deliberation Committee on October 8, KFME called it a "meaningful decision" and said, "It properly recognizes the urgent and critical reality faced by small business owners."

However, they emphasized, "The participation of small business owners, including the legally recognized economic organization Korea Federation of Micro Enterprise, must be guaranteed in the Loss Compensation Deliberation Committee to further enhance the effectiveness of support and loss compensation."

Finally, KFME expressed, "We hope the National Assembly understands the desperate situation of small business owners in need of support and, beyond party lines, demonstrates its true role as a people-centered legislature by significantly expanding support and enhancing promptness."

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