Ministry of SMEs and Startups Establishes 'Small Business COVID-19 Recovery Support Team'..."Rapid Compensation Support"

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(Seoul=Yonhap News) Reporter Kang Minji = The Korea Real Estate Board announced that the vacancy rate of medium to large commercial spaces nationwide in the second quarter was 13.1%, an increase of 0.1 percentage points compared to the first quarter.

[Asia Economy Reporter Lee Junhyung] The government will establish a dedicated organization within the Ministry of SMEs and Startups and expand its workforce to swiftly support loss compensation for small business owners in accordance with the 'Act on the Protection and Support of Small Business Owners' to be implemented from next month.

The Ministry of SMEs and Startups announced that, together with the Ministry of the Interior and Safety, it will conduct a legislative notice from the 16th to the 23rd of this month on the 'Ordinance on the Revision of the Organization of the Ministry of SMEs and Startups and Its Affiliated Agencies,' which includes these details. After collecting opinions through the legislative notice, the ordinance will undergo review by the Ministry of Government Legislation, a vice-ministerial meeting, and Cabinet approval before being promulgated and enforced in early next month.

The government will establish the 'Small Business COVID-19 Recovery Support Team' and the 'Small Business Loss Compensation Division,' which will be responsible for loss compensation arising from government quarantine measures under the Infectious Disease Control and Prevention Act. Additionally, 30 operational personnel will be added to handle the prompt support of loss compensation.

With the newly established Small Business COVID-19 Recovery Support Team and reinforced personnel, the Ministry of SMEs and Startups will be able to systematically carry out small business recovery support tasks. The Small Business Loss Compensation Division will prepare detailed standards and procedures for the loss compensation system to establish a prompt and smooth support system for loss compensation funds. The Small Business Management Support Division, formerly under the Small Business Policy Officer, will be transferred to the Small Business COVID-19 Recovery Support Team to strengthen social safety net functions such as crisis and disaster support for small business owners, business transformation, and recovery support.

Furthermore, with the enforcement of the 'Act on the Coexistence and Revitalization of Local Commercial Districts' starting April next year, the Ministry will also increase its workforce by two operational personnel responsible for protecting commercial districts and revitalizing depressed commercial areas. The reinforced personnel will promote the establishment of comprehensive plans for coexistence and revitalization of local commercial districts and the designation of autonomous commercial district zones.

Minister Kwon Chil-seung of the Ministry of SMEs and Startups stated, "This organizational revision is significant in that it establishes a dedicated organization capable of promptly providing loss compensation funds to small business owners who actively participated in government quarantine measures." Minister Kwon added, "We will also actively promote the establishment of a social safety net in preparation for the post-COVID-19 era."

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