Naju-si to Provide Up to 100 Million KRW in 'Loss Compensation' to Small Business Owners

Published 27 Oct.2021 10:23(KST)

[Naju=Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Naju City, Jeollanam-do (Mayor Kang In-gyu) announced on the 27th that online applications for the 'Government Loss Compensation' paid to small business owners who suffered business losses due to compliance with COVID-19 quarantine rules have begun.

The application targets are small enterprises that experienced business damage due to gathering bans and business hour restrictions from July 7 to the 30th of last month.

The compensation amount ranges from 100,000 KRW per quarter up to a maximum of 100 million KRW.

The amount is determined in a customized manner proportional to the scale of losses for each business, considering the average daily loss and an 80% adjustment rate for the quarantine measure compliance period.

The average daily loss is calculated by comparing the decrease in operating profit caused by gathering bans and business restrictions from July to September 2021 against the same period in 2019, using tax data held by the National Tax Service for each business as the base year.

Online applications can be made by accessing the website, entering the business registration number, and completing identity verification.

Offline applications can be submitted from the 3rd of next month by visiting the town, township, or neighborhood office where the business is located, or the City Hall Job Economy Division, attaching the loss compensation application form and supporting documents to the person in charge.

A city official stated, "We will ensure prompt payment of compensation to provide practical help to small business owners facing management crises due to compliance with quarantine measures."

For more details, inquiries can be made to the Ministry of SMEs and Startups Loss Compensation Call Center, or real-time consultation is available through the chat consultation window.