First Day of Small Business Loss Compensation... Over 19,000 Applications in 10 Hours

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

[Asia Economy Reporter Kim Daehyun] On the first day of accepting applications for the third quarter COVID-19 loss compensation for small business owners, 18,728 small business owners applied within 10 hours.

On the 27th, the Ministry of SMEs and Startups began accepting applications from 310,000 small business owners whose business registration numbers end with an odd digit through the Small Business Loss Compensation website starting at 8 a.m. As of 6 p.m., a total of 2,303 people received 7.24 billion KRW in compensation.

The number of people who checked the quick compensation amount was 47,122, and those who confirmed the compensation amount but did not apply for payment numbered 27,093. There were 1,301 small business owners who applied for "verification compensation" because they either disagreed with the amount or were subject to gathering bans or business hour restrictions but were not included in the eligible group.

An official from the Ministry of SMEs and Startups stated, "From 7 p.m., an additional 5,346 people will receive compensation payments totaling 19.18 billion KRW."

The total number of small enterprises and small business owners eligible to apply for loss compensation is 800,000, of which 620,000 (77%) are eligible for "quick compensation" that does not require separate documents. During the first three days of quick compensation applications (October 27?29), payments will be made four times daily, and applications submitted before 4 p.m. will be paid on the same day.

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