Pohang City to Distribute 19.4 Billion Won in Self-Support Funds Before Chuseok... Emergency Aid for Small Business Owners and Low-Income Groups Affected by COVID-19

Separate from the government's 5th disaster relief fund, 'Businesses Complying with Gathering Bans and Operation Restrictions'

General industries with sales under 400 million KRW also eligible, over 34,000 low-income individuals included

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Pohang City Hall, Gyeongbuk.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Support funds will be delivered before Chuseok to small business owners in Pohang who suffered losses due to business restrictions. General businesses and low-income groups are also eligible for benefits.

Pohang City, Gyeongbuk, has secured about 20 billion won from its own budget to provide emergency support to small business owners and low-income groups before Chuseok.

On the 6th, Pohang City announced that it will stabilize livelihoods by providing additional support funds of 19.4 billion won from the city’s own resources, separate from government subsidies, to stabilize the management of small business owners struggling due to the 4th wave of COVID-19 and ongoing social distancing, and to support the livelihoods of low-income groups.

According to Pohang City, the ‘Pohang City Disaster Relief Fund for Small Business Owners Affected by COVID-19’ worth 16 billion won and the ‘Additional National Support Fund for Low-Income Groups’ worth about 3.4 billion won were recently finalized in the 2nd supplementary budget.

Pohang City plans to quickly provide the Pohang Disaster Relief Fund for Small Business Owners, worth about 16 billion won, which has been significantly increased from the original plan, by Chuseok to stabilize management and provide emergency damage relief for small business owners suffering from prolonged business damage.

The ‘Pohang City Disaster Relief Fund for Small Business Owners Affected by COVID-19’ will be provided separately from the government’s 5th disaster relief fund (Small Business Hope Recovery Fund) to businesses subject to gathering bans and business restrictions, as well as general businesses (with annual sales under 400 million won in 2020).

Eligible small business owners are those who completed business registration with the National Tax Service by June 30, 2021, currently operate their business in Pohang, and from December 18, 2021, to July 6, 2022, △ about 1,800 establishments such as entertainment bars, karaoke rooms, and bathhouses affected by gathering bans will each receive 1 million won.

Also, △ about 15,000 establishments in restricted business sectors such as restaurants, cafes, beauty salons, lodging, and private academies will each receive 500,000 won.

Other general businesses will receive 300,000 won per business.

Additionally, Pohang City has separately allocated 3.44 billion won from city funds to support low-income groups whose livelihoods have become more difficult due to the prolonged COVID-19 situation.

The government plans to provide an additional 100,000 won per person to low-income groups while distributing the ‘COVID-19 Coexistence National Support Fund.’

Low-income residents of Pohang will receive an additional 200,000 won per person, combining the government’s additional 100,000 won and the city’s 100,000 won support.

Lee Kang-deok, Mayor of Pohang City, said, “We will promptly provide the Pohang Disaster Relief Fund for Small Business Owners and the additional support fund for low-income groups, which are paid from the city’s own budget separate from government subsidies, before Chuseok so that everyone can celebrate the holiday.”

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