Kwon Chil-seung: "Small Business Owners Must Be the Last to Sacrifice... Support Measures for Owners Excluded from Loss Compensation"

"Maintaining Operating Hour Restrictions in the Capital Area is Very Regrettable"
"Sacrifices Needed, Urgent Social Attention and Shared Pain Required"

Minister Kwon Chil-seung of the Ministry of SMEs and Startups
[Photo by Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Kwon Chil-seung, Minister of SMEs and Startups, stated on the 18th that the government's extension of social distancing measures should be the last sacrifice for small business owners and self-employed individuals. He also expressed his intention to prepare separate support measures for business owners who fall into the blind spots of the loss compensation system.

On the same day, Minister Kwon wrote on his Facebook, "Social distancing has been extended for two weeks. Although the limit on the number of private gatherings has been partially eased, the operating hours restrictions for restaurants in the metropolitan area remain unchanged. This is very disappointing."

He explained, "The IMF forecasted our economic growth rate at 4.3% this year. Even considering the base effect of last year's negative 0.9% growth, our economy is far surpassing the pre-COVID-19 level," adding, "We are among the countries least affected economically by COVID-19."

He continued, "This is largely the tearful result of small business owners and self-employed entrepreneurs who contributed to creating the K-quarantine system," emphasizing, "This measure must be the last sacrifice for small business owners and self-employed entrepreneurs."

Minister Kwon stated, "We will ensure that there are no disruptions in the execution of loss compensation for small business owners, with applications starting from the 27th," and expressed his determination, "We will also accelerate the preparation of separate support measures for business owners excluded from loss compensation."

Finally, he concluded by saying, "Social attention and shared suffering are urgently needed for those who have made special sacrifices due to COVID-19," and promised, "We will make further efforts."

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