Sogongyeon Opens Applications for 'Small Business Hope Recovery Fund'... Up to 500,000 KRW Support

'COVID-19 Closure' Self-Employed, Possible to Terminate Commercial Lease Contract Early
(Seoul=Yonhap News) Reporter Im Heon-jeong = Self-employed business owners who closed their businesses due to gathering restrictions and bans caused by the COVID-19 pandemic can now terminate their commercial lease contracts early.
Self-employed individuals who suffered from overdue monthly rent payments even after closing their stores due to a lack of customers will have some relief from their burdens.
The Ministry of Land, Infrastructure and Transport announced on the 5th that the amendment to the "Commercial Building Lease Protection Act," which includes these provisions, was promulgated on the 4th and came into immediate effect.
The photo shows a lease notice banner posted on a closed store in Myeongdong, Jung-gu, Seoul on this day. 2022.1.5
Photo by kane@yna.co.kr
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[Asia Economy Reporter Junhyung Lee] The Korea Federation of Micro Enterprise Associations announced that it will begin accepting applications from the 6th for the 'Micro Enterprise Hope Recovery Fund,' which provides up to 500,000 KRW per business to micro enterprises facing economic difficulties due to COVID-19.

The Micro Enterprise Hope Recovery Fund project is a support program conducted separately from government aid programs, in collaboration with the Community Chest of Korea (Sarangui Yeolmae), and Persys. The fund utilizes designated donations made by Persys to the Community Chest of Korea. It will provide support of up to 500,000 KRW per business to 900 businesses that apply through the Korea Federation of Micro Enterprise Associations.

The eligibility criteria include micro enterprises nationwide with fewer than 5 regular employees. However, the business must currently be operating and have had an income at or below 30% of the median income in 2020. For manufacturing, mining, construction, and transportation industries, the employee threshold is fewer than 10 employees.

Financial assets and debts will not be separately investigated. However, entertainment and gambling industries, as well as professional occupations, are excluded from support. Additionally, those who were selected for the Micro Enterprise Emergency Living Stabilization Fund and the Micro Enterprise Good Store Living Stabilization Fund provided by the Federation last year are excluded.

Applications will be accepted for nine days starting from the announcement date. Applicants must submit the required documents online via the official blog of the Korea Federation of Micro Enterprise Associations. After reviewing income reduction rates and duplication status, the Federation plans to disburse the funds to eligible recipients by the end of this month.

Meanwhile, the Federation is working with relevant ministries and related organizations to find support measures for micro enterprises. According to the Federation, this project is part of efforts to help stabilize the livelihoods of micro enterprises and enhance their resilience. The Federation plans to steadily increase such support programs.

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