Ministry of SMEs and Startups to Quickly Disburse 'Small Business Loss Compensation' Within 2 Days After Online Application

Online Identity Verification Enables Application and Compensation Confirmation... Payment Within 2 Days
Loss Compensation Applications Accepted at Dedicated Counters in Local City, County, and District Offices

Euncheong Lee, Head of the Small Business COVID-19 Recovery Support Group, is giving a briefing on the "Loss Compensation System Establishment and Operation" on the 22nd at the Ministry of SMEs and Startups briefing room in Sejong. Photo by Ministry of SMEs and Startups

[Asia Economy Reporter Kim Heeyoon] Small business owners can apply for loss compensation online with just identity verification, and receive prompt payment within two days.

The Ministry of SMEs and Startups announced on the 27th that it has established and is operating a small business loss compensation system that allows small and micro enterprises to easily apply for compensation online and receive prompt payment.

The small business loss compensation system pre-calculates customized compensation amounts for each business proportional to the scale of losses due to business suspension and operating hour restrictions, based on local governments' quarantine measures and tax data from the National Tax Service.

First, small business owners who enter their business registration number and verify their identity on the loss compensation website (소상공인손실보상.kr) can quickly receive the pre-calculated compensation within two days through a simple application without submitting additional documents.

Small business owners whose compensation was not pre-calculated due to lack of administrative data can submit their business information online and receive compensation after verification by local governments and the National Tax Service.

Businesses that do not agree with the prompt compensation amount can go through a 'confirmation compensation' process by submitting supporting documents to have the compensation recalculated. Small business owners can apply for confirmation compensation and check the results through the online system.

Small business owners who still disagree with the compensation amount calculated through 'confirmation compensation' can file an objection to have the loss compensation recalculated once more.

Additionally, the Ministry of SMEs and Startups explained that for small business owners who find online application difficult, offline application and reception are also available at dedicated loss compensation counters installed in city, county, and district offices.

For more details, inquiries can be made through the Small Business Loss Compensation Call Center (1533-3300), local Small and Medium Venture Business Offices, or regional centers of the Small Enterprise and Market Service.

Lee Euncheong, head of the Small Business COVID-19 Recovery Support Group at the Ministry of SMEs and Startups, said, “We have established a government-wide collaborative system encompassing both online and offline loss compensation systems so that small business owners can apply more conveniently and receive payments promptly. We will focus administrative efforts on operating the loss compensation system to alleviate the difficulties faced by small business owners.”

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