Day 2 of 5th Disaster Relief Fund 'Hope Recovery Fund' Payments... Early Morning Deposits Begin

Reception for business registration numbers ending in 'even' on the 18th
As of 8 AM, 518,000 businesses, total payment of 1.2708 trillion KRW

[Image source=Yonhap News]

[Asia Economy Reporter Kim Heeyoon] As of 8 a.m. on the 18th, a total of KRW 1.2708 trillion has been paid to 518,000 small business operators as the 5th disaster relief fund, the Small Business Hope Recovery Fund.

According to the Ministry of SMEs and Startups on the 18th, payments began at 3 a.m. for the first rapid payment target businesses who completed their applications from 6 p.m. to midnight on the 17th, recording this payment performance for applicants on the first day of reception.

The Ministry introduced an ‘odd-even system’ based on the last digit of the business registration number to facilitate smooth fund application and payment. On the 18th, 667,000 businesses with even last digits of their business registration numbers are eligible to apply, with text notifications and applications being processed. From the 19th, applications will be accepted 24 hours a day regardless of odd or even business registration numbers. Application hours are from 8 a.m. to midnight.

From the 17th to the 20th, payments will be made four times daily, allowing support funds to be received within 2 to 3 hours after application at the earliest. According to the Ministry, applications submitted by 10 a.m. will be paid at 12:10 p.m. the same day; those submitted between 10 a.m. and 3 p.m. will be paid at 5:10 p.m.; applications between 3 p.m. and 6 p.m. will be paid at 8 p.m.; and applications between 6 p.m. and midnight will be paid from 3 a.m. the following day.

Additionally, starting from the 30th, a ‘second rapid payment’ will begin for businesses eligible for support but not included in the first rapid payment. This includes businesses that were not eligible for the Buttimgok Fund Plus (4th disaster relief fund) but were added to the Hope Recovery Fund support target due to expanded sales decline criteria, businesses opened after March this year, and those operating multiple eligible businesses.

The Ministry stated that separate guidance will be provided regarding the second rapid payment targets and application methods. Verification payments requiring document checks such as joint representative power of attorney will begin from the end of September for applicable businesses.

Meanwhile, reactions on the first day of fund disbursement were mixed. Park (38), who runs a cafe in Seodaemun-gu, Seoul, said, “I applied after midnight and was surprised to see the deposit early in the morning.” On the other hand, small business communities expressed dissatisfaction, saying, “The introduction of sales amount criteria in the 5th disaster relief fund payment standards has reduced the payment amounts.”

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