National Assembly Industry, Trade, and SMEs Committee "Additional Supplementary Budget of 24.95 Trillion Won for Small Business Loss Compensation"

Quarantine Support Fund Increased from 3 Million to 10 Million Won per Business

[Asia Economy Reporter Lee Hyun-joo] The National Assembly's Industry, Trade, Energy, Small and Medium Venture Business Committee (Sanja Junggiwi) held a budget and settlement subcommittee meeting and announced on the 7th that it approved an increase of 24.95 trillion won in the first supplementary budget proposed by the government.

The supplementary budget initially submitted by the Ministry of SMEs and Startups was 23.7271 trillion won, but the amount significantly increased as the quarantine support fund per company was raised from 3 million won to 10 million won, the loss compensation adjustment rate was increased from 80% to 100%, and the minimum amount was raised from 500,000 won to 1 million won.

Additionally, Sanja Junggiwi adopted a supplementary opinion requesting to discuss measures to provide maximum support to self-employed individuals and workers in special employment types affected by strengthened quarantine measures through relevant government departments' projects.

The supplementary budget bill, which passed through Sanja Junggiwi, will undergo review by the Budget Committee and be finally approved at the plenary session of the National Assembly.

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