Hong Nam-ki: "Up to 20 Million Won" Small Business Support Fund 70% Executed in 2 Weeks, 90% by End of September
SNS Announces Small Business Support Fund Payment on the 17th
Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance. (Image source=Yonhap News)
View original image[Sejong=Asia Economy Reporter Moon Chaeseok] Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated on the 17th, "We will make every effort to ensure that more than 70% of the Small Business Hope Recovery Fund is disbursed within two weeks and 90% by the end of next month."
Deputy Prime Minister Hong wrote on his social media (SNS), "The first rapid payment of the Small Business Hope Recovery Fund started today."
The government began disbursing the first rapid payment to approximately 1.3 million eligible small business owners on the same day. Payments range sequentially from 4 million to 20 million won.
Deputy Prime Minister Hong said, "We will complete the second rapid payment by the end of next month to achieve a 90% disbursement rate, and thereafter, through confirmation payments and appeals, we will ensure that no one is left out."
He added, "We will announce the extension plans for existing measures such as tax support for small business owners and deferral of social insurance premiums and utility bills through the Emergency Economic Central Countermeasures Headquarters meeting within this month," and "The results regarding the extension of loan guarantees and repayment deferrals across all financial sectors will be announced next month."
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Regarding the Small Business Loss Compensation System, Deputy Prime Minister Hong stated, "We have secured 1 trillion won in the second supplementary budget for the system to be implemented on October 8, and are preparing a task force (TF) with related ministries and rapid payment procedures," adding, "We will do our utmost to ensure that the support funds are disbursed as quickly as possible within this year."
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