[Compensation for Losses] Small Business Owners Urge Compensation for Excluded Sectors under Loss Compensation Act... "Urgent Need for Cash Support"

Small Business Federation Holds Joint Press Conference on 'Exclusion of Certain Industries from Loss Compensation Act'
"Cooperating with Quarantine Measures by Forfeiting Personal Property Rights... Cannot Accept Exclusion from Loss Compensation"

The Federation of Small and Medium Business held a joint press conference for industries excluded from the Loss Compensation Act on the 26th at the Federation's office located in Yeouido, Seoul. [Photo by the Federation of Small and Medium Business]

[Asia Economy Reporter Junhyung Lee] Small business owners have urged compensation for damages in industries excluded from the Loss Compensation Act.

The Korea Federation of Small and Medium Business held a "Joint Press Conference for Industries Excluded from the Loss Compensation Act" on the 26th at the Federation's office in Yeouido, Seoul, demanding the preparation of cash support measures such as disaster relief funds for industries excluded from the Loss Compensation Act. Attendees at the press conference included O Sehee, President of the Korea Federation of Small and Medium Business; Kim Kihong, Chairman of the Emergency Committee for Loss Compensation at the Federation; Jo Jihyun, Co-Representative of the Emergency Committee for Self-Employed; and Jeong Gyeongjae, President of the Korea Accommodation Industry Association.

President O stated, "Small business owners and self-employed individuals cooperated with quarantine measures by sacrificing their personal property rights for public safety," adding, "It is incomprehensible that restrictions on the number of people and business operations are excluded from loss compensation." He emphasized, "It is a legitimate demand based on the constitution for small business owners, who face bankruptcy if they comply with government orders and become lawbreakers if they do not, to request proper loss compensation."

'COVID-19 Closure' Self-Employed Can Terminate Lease Contracts Early
(Seoul=Yonhap News) Reporter Yoon Dong-jin = The government has decided to pursue a legal amendment allowing self-employed individuals who were subject to business suspension or restriction measures due to COVID-19 to terminate commercial lease contracts early. The Ministry of Justice announced on the 17th that, following the passage of the amendment to the Commercial Building Lease Protection Act at the Cabinet meeting, it plans to submit the bill to the National Assembly in the second half of the year.
The photo shows a store in Euljiro, Seoul, with a closure notice posted on the afternoon of the same day. 2021.8.18
Photo by Yoon Dong-jin
mon@yna.co.kr
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Regarding President Moon's policy speech at the National Assembly on the 25th, President O said, "President Moon also expressed agreement that society should share the difficulties faced by industries excluded from support under the Loss Compensation Act." He added, "We urge the government and the National Assembly to reflect the president's remarks in the budget and to actively review support for industries excluded from loss compensation, thereby laying the foundation for complete recovery."

Jeong Gyeongjae, President of the Korea Accommodation Industry Association, pointed out, "The accommodation industry has faithfully complied with government measures that are practically equivalent to a ban on gatherings," and criticized, "It is an unacceptable act that the accommodation industry is excluded from loss compensation." Kwon Byunggwan, Director of Uri Travel Cooperative, stated, "The travel industry is a prohibited gathering industry," and added, "This year, small and medium travel agencies are in a state of insolvency with 'zero sales.'"

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