The Democratic Party and the Government: "Loss Compensation Includes 'Personnel Restrictions'... Will Amend Enforcement Decree"

[Asia Economy Reporter Koo Chae-eun] The ruling party and the government have agreed to include not only "operating hour restrictions" but also "capacity restrictions" in the scope of compensation for losses caused by the novel coronavirus infection (COVID-19).

On the 15th, Kim Seong-hwan, the senior deputy floor leader of the Democratic Party, stated in a briefing, "The Ministry of SMEs and Startups expressed today its intention to amend the current guidelines and enforcement decree of the loss compensation system to address the exclusion of 'capacity restrictions'."

Earlier, Kim and other Democratic Party lawmakers proposed an amendment to the Small Business Loss Compensation Act to add businesses subject to capacity restrictions to the COVID-19 loss compensation, which currently applies only to businesses with operating hour restrictions.

Kim explained, "Our party will continue to discuss the 'advance support, later settlement' plan," adding, "Regarding whether to provide compensation as disaster relief funds instead of loss compensation, the ruling party and government will have more in-depth consultations."

Regarding the supplementary budget, he mentioned, "Depending on the amount, there is a reserve fund of 2.2 trillion won in the current loss compensation budget, and if more is needed, a supplementary budget will be inevitable." He added, "The government plans to announce tomorrow morning the broad framework for expanding social distancing measures and the corresponding small business loss compensation plan."

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