Gyeongnam Province Rolls Up Sleeves to Support Small Businesses Facing Financial Difficulties... Implementing Customized Policies

[Asia Economy Yeongnam Reporting Headquarters, Reporter Ju Cheol-in] Gyeongsangnam-do is rolling up its sleeves to help small business owners recover their daily lives.

On the 10th, Gyeongnam Province announced that it will prepare and implement customized support measures that small business owners, who have been struggling due to COVID-19, can actually feel.

The main support measures include reduction of rental fees for public property, employment and industrial accident insurance support for one-person self-employed, deferral of city gas bill payments for small business owners, and reduction of water and sewage fees.

The province will extend the reduction of rental fees for public property, which is being promoted for small business owners affected by COVID-19, from the original 2021 until June this year. From February 2020 to last year, a total of 7.4 billion KRW in public property rental fees was reduced and supported.

The reduction support for public property rental fees applies a 50% rate of the usage and lease fees for landlords using public property, regardless of whether damage proof documents are submitted.

However, if the damage is significant, submitting damage proof documents allows application of rates according to the sales decline ratio, with reductions up to 80%. If the damage is judged to be minor, support is provided according to the scale of damage based on the proof documents.

Also, if the public property could not be used during the disaster period due to business closure or suspension, the rental period can be extended by the unused amount, or the full usage and lease fees can be reduced.

Regarding social insurance premium support, the province supports 30% of the insurance premium for employment insurance enrollment for three years. When applying for government support, additional support of 20-50% of the premium by grade is possible, allowing benefits of up to 80% of the premium.

Additionally, to stabilize management in case of occupational accidents for one-person self-employed, up to 50% of the industrial accident insurance premium is supported for three years upon enrollment.

Three city gas companies in Gyeongnam Province are also implementing deferral of city gas bill payments from January to March for small business owners and households eligible for reduced residential rates (socially considerate groups) to support overcoming COVID-19.

Eligible persons have their payment deadlines extended by three months each, and no late fees are charged during the extension period.

Furthermore, Gyeongnam Province is extending local tax reductions for cooperative landlords from the original 2021 until the end of this year.

The main content is that owners of buildings as of the tax base date who have reduced monthly rent for tenants will receive reductions of up to 75% on building property tax, fire service local resource facility tax, and local education tax imposed in July, according to the rent reduction rate.

Last year, 1768 landlords who reduced rent for small business owners received 700 million KRW in local tax reductions, benefiting 2510 small business stores with a total rent reduction of 7.7 billion KRW.

Seo Chang-woo, head of the Small Business Policy Division of Gyeongnam Province, said, “We will actively guide and promote support policies for small business owners to overcome COVID-19 so that every single small business owner can directly feel the customized support measures and receive benefits without exception.”

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