Lee Jae-myung: "A Swift Decision on Nationwide Disaster Relief Payments Is Needed"

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Lee Jae-myung, Governor of Gyeonggi Province, expressed his support for the government and ruling party's plan to provide customized compensation worth 3.5 trillion won for small business owners affected by COVID-19. He also emphasized the need for a prompt decision on issuing a "nationwide disaster relief fund" for all citizens struggling due to COVID-19.

On the 20th, Lee posted on Facebook, "The Democratic Party and the government have agreed to increase support for small business owners by about 3.5 trillion won and to start payments from the 17th of next month," adding, "They also decided to pursue customized compensation in next year's budget reflecting the escalation of COVID-19 quarantine measures. I welcome this decision to provide substantial support to small business owners facing difficulties."

He continued, "I came across a Bank of Korea announcement stating that loans to small business owners increased by 131 trillion won over one year, reaching 840 trillion won as of March," diagnosing, "The average loan per small business owner in debt to financial institutions amounts to 338.68 million won, and small business owners who have endured one and a half years of hardship due to business suspension and restrictions are now burdened with heavy debt."

Furthermore, he stated, "Hope recovery funds and loss compensation for small business owners must be executed as extensively and swiftly as possible," emphasizing, "Loss compensation for small business owners is meant to cover damages caused by administrative orders to suspend business operations. Although 100% compensation is difficult, payments should be made to the fullest extent allowed by fiscal conditions."

He also urged, "A prompt decision on the nationwide disaster relief fund is necessary," arguing, "As experienced with the first disaster relief fund last year, universal payments stimulate consumption and provide tangible benefits to small business sales."

Additionally, he said, "The People Power Party, which demanded expanded support for small business owners in the agreement between party leaders, should now actively cooperate with universal payments," adding, "The fourth wave of COVID-19 is unpredictable, and with social distancing raised to level 4, it is a bleak situation where it is unclear when debts can be repaid."

In conclusion, Lee stressed, "As I have repeatedly emphasized, if the state fears going into debt, the people must bear the debt," and insisted, "Since all citizens are vulnerable and victims in this global disaster, compensation for small business owners should be substantial, and no citizen suffering should be excluded from receiving disaster relief funds."

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