Dongdaemun-gu Expands Eligibility for Support Funds for Closed Small Business Owners

Extension of Closure Deadline from May 14 to November 30 by 6 Months; Applications Accepted Until December 10... Upon Eligibility Approval, 500,000 KRW Support Paid Within 2 Weeks from Application Date

[Asia Economy Reporter Jong-il Park] Dongdaemun-gu (Mayor Yu Deok-yeol) has expanded the eligibility for support payments to small business owners in restricted or closed sectors who decided to close their businesses due to the impact of COVID-19.

The closure date criterion, one of the requirements for applying for support, has been extended by six months to November 30, and the application period is until December 10.

The district announced that as social distancing was raised to level 4, the business difficulties of small business owners in the area intensified and the number of closures increased, leading to the extension of the closure date from the original May 14 to November 30 by six months.

The support targets are small business owners with annual sales under 5 billion KRW and fewer than five regular employees, who closed businesses in restricted or closed sectors located in Dongdaemun-gu between March 22, 2020, when enhanced social distancing was implemented, and November 30, 2021. However, the business must have been operated for at least 90 days before closure.

Applicants can apply online through the Dongdaemun-gu Office website by December 10 with the required documents or visit the relevant department of Dongdaemun-gu Office in person according to the business sector.

Required documents for application include a certificate of business closure and a small business confirmation certificate. For detailed information, refer to the public notice section on the Dongdaemun-gu Office website.

After review and approval, 500,000 KRW will be paid within two weeks from the application date.

Yu Deok-yeol, Mayor of Dongdaemun-gu, said, “We have expanded the support targets to offer comfort and hope for a new start to more small business owners,” adding, “We will seek more diverse ways to support small business owners facing difficulties such as decreased sales and closures due to the prolonged COVID-19 pandemic and its spread.”

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