'Advance Payment for Loss Compensation' Support Amount Surpasses 80%... 333,000 People Received It

Kwon Chil-seung, Minister of SMEs and Startups.

[Asia Economy Reporter Donghyun Choi] The 'Advance Payment of Loss Compensation' amount for small business owners affected by COVID-19 is being paid up to 80% of the applicants and is progressing smoothly.

According to the Ministry of SMEs and Startups on the 31st, as of 6 p.m. the previous day, 407,766 small business owners and small enterprises applied for the advance payment of loss compensation. Among them, funds amounting to 1,665.42 billion KRW have been paid to 333,083 businesses so far. This accounts for 81.7% of all applicants.

This advance payment of loss compensation targets 550,000 small business owners and small enterprises who have been subject to operating hour restrictions due to government quarantine measures since December 6 last year. Applicants receive an advance payment of 2.5 million KRW each for the fourth quarter of last year and the first quarter of this year, totaling 5 million KRW. Although formally provided as a loan, no interest is applied until the loss compensation amount is confirmed.

The Ministry of SMEs and Startups plans to ensure that application, agreement, and payment proceed normally online even during the Lunar New Year holiday period.

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