The Window for 'Q3 Loss Compensation' Opens for Small Business Owners Unable to Operate Due to 'COVID-19 Administrative Orders'

Busan City Opens Dedicated Loss Compensation Counters for 16 Districts and Counties Accepting On-Site Visit Applications

Fast Compensation Applications Accepted from November 3, Verification Compensation from November 10

Compensation Consultation Centers for Losses in 16 Districts and Counties of Busan.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] A service desk for handling loss compensation for small business owners who could not operate due to COVID-19 will be opened in the Busan area.

Busan City announced on the 31st that it has established dedicated loss compensation desks in 16 districts and counties to accept on-site visit applications for the 3rd quarter 2021 small business loss compensation supported by the government.

The Ministry of SMEs and Startups plans to support a budget of 2.4 trillion KRW for 800,000 small enterprises and small business owners nationwide who complied with gathering bans and business hour restrictions from July 7 to September 30, 2021, and experienced decreased sales.

The loss compensation payments, starting from October 27, will proceed in three stages: ▲Quick Compensation ▲Verification Compensation ▲Objection Submission. The quarterly compensation cap is 100 million KRW, and the minimum amount is 100,000 KRW.

First, application guidance text messages will be sent to 620,000 quick compensation recipients.

Businesses not included in quick compensation and who did not receive a text message can check their eligibility online and then apply through verification compensation.

Loss compensation applications can be made by entering the business registration number and completing identity verification through the online ‘Small Business Loss Compensation’ system.

For those who find online applications difficult, offline applications will be accepted through on-site visits starting November 3.

To facilitate on-site application and reception, Busan City has prepared dedicated loss compensation desks in 16 districts and counties, and 32 administrative support personnel provided by the government have been distributed to each desk to assist visiting small business owners.

Quick compensation recipients can visit the dedicated loss compensation desks in their district or county starting November 3, and verification compensation applicants can do so starting November 10.

Details such as eligibility and compensation criteria can be inquired through the loss compensation call center or the online chat consultation service ‘Loss Compensation 114’.

Park Hyung-jun, Mayor of Busan, said, “We will do our best to ensure that loss compensation is smoothly and promptly provided to local small business owners facing management crises due to COVID-19.”

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