Seoul City to Provide 1 Million Won Cash Support to 500,000 Tenant Small Business Owners... Applications Open from the 7th

'Small Business Guardian Fund' Injects 500 Billion KRW, Targeting Lease Businesses in Seoul with Annual Sales Under 200 Million KRW
Support Based on Loss Scale to Provide Thicker and More Rational Compensation for Small Business Owners Who Previously Received Relatively Low Compensation

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 6th that it will invest 500 billion won to provide 1 million won in cash as ‘Small Business Guardian Fund’ to 500,000 ‘tenant small business owners’ who are suffering severe difficulties due to social distancing and business restrictions. The purpose is to offer stronger support to tenant businesses burdened not only by decreased sales but also by rent costs, helping them recover their daily lives quickly.

As part of the ‘COVID-19 Livelihood Protection Comprehensive Measures,’ the application period for the ‘Small Business Guardian Fund’ runs from the 7th to March 6th, with payments to be completed within 10 days after application to ensure immediate impact. Eligible recipients are small business owners who opened before December 31, 2021, have their main business location registered in Seoul, have annual sales under 200 million won in 2020 or 2021, and currently operate businesses as tenants or lessees as of the announcement date.

Seoul City explained, “Unlike the government’s loss compensation policy, which has supported businesses proportionally to their loss scale, this fund focuses more rationally on micro small business owners with annual sales under 200 million won who inevitably received smaller compensation, as well as those in blind spots or gaps of government support.”

The ‘Small Business Guardian Fund’ is primarily applied for online through the ‘SeoulJikimjaGeum.kr’ website. During the first five days of online applications, a five-day rotation system is applied based on the last two digits of the business registration number grouped into one group. For example, on the first day, the 7th, those with registration numbers ending in 1 or 6 can apply; on the 8th, those ending in 2 or 7, and so on. After the 12th, applications can be submitted regardless of registration number. Small business owners unable to apply online can visit designated sites in their district offices from February 28 to March 4, the final week of applications, to apply in person.

Additionally, the city has established a close cooperation system with the Seoul Regional Tax Office and major card companies to shorten the period required for sales verification, ensuring that busy small business owners can apply conveniently and receive funds as quickly as possible.

Han Young-hee, Director of Labor, Fairness, and Coexistence Policy at Seoul City, said, “We hope the Small Business Guardian Fund will provide a small but immediate help to small business owners pushed to the brink by the prolonged COVID-19 crisis.” She added, “In addition to direct financial support like the Guardian Fund, we will continuously discover and implement various support measures to help small business owners return to normal life as soon as possible.”

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