Hamyang-gun Accepts Applications for Business Restriction Loss Compensation... Customized Support for Small Business Owners

Hamyang County Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Hamyang-gun, Gyeongnam Province, will begin accepting compensation applications from small business owners who suffered losses due to government quarantine measures for COVID-19 prevention starting from the 10th.

This loss compensation is conducted by the Ministry of SMEs and Startups under the "Act on the Protection and Support of Small Businesses" through the "2021 4th Quarter Small Business Loss Compensation Implementation Notice." The county will accept applications for small business owners who have difficulty applying online.

The compensation targets small business owners who experienced significant business losses due to compliance with gathering bans or business restrictions from October to December.

The compensation amount is calculated by multiplying the daily average loss amount of each individual business by the duration of the quarantine measure compliance period and applying a correction rate (90%) determined by the Loss Compensation Deliberation Committee.

The daily average loss amount is calculated by considering the decrease in average monthly sales in the same month of 2021 compared to 2019, factoring in operating profit margin, labor costs, rent, and other proportions.

The correction rate was set at 90% considering the prolonged COVID-19 pandemic and the difficulties faced by the entire population. The upper limit of compensation per quarter is 100 million KRW, and the lower limit is 500,000 KRW.

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