"President-elect Yoon Must Present a Blueprint to Lift Small Business Operating Restrictions and Debt Relief"

Small Business Association Releases Presidential Election Commentary
Demands Supplementary Budget Exceeding 50 Trillion Won
"Expecting Foundation for Small Business Independence"

President-elect Yoon Seok-yeol is holding a victory greeting press conference on the morning of the 10th at the National Assembly Library in Yeouido, Seoul. Photo by National Assembly Press Photographers Group

[Asia Economy Reporter Kwak Min-jae] The small business sector has urged President-elect Yoon Seok-yeol to "take action to abolish business restrictions on small business owners and self-employed individuals caused by the now meaningless social distancing quarantine measures."

On the 10th, the Korea Federation of Small and Medium Business (KSMB) issued a statement related to the presidential election, saying, "To prepare a complete compensation plan for small business losses and a large-scale support plan, a supplementary budget of more than 50 trillion won should be established, along with a policy blueprint such as debt relief for small business owners."

The KSMB stated, "During the election period, President-elect Yoon emphasized strong small business policies including support payments of up to 10 million won, 100% loss compensation, raising the minimum compensation amount and preparing retroactive measures, and large-scale debt restructuring," adding, "We hope he will do his best to realize small business pledges as the top national agenda."

Earlier, the KSMB held a policy agreement ceremony with the People Power Party last month and delivered small business policy tasks including amendments to the Loss Compensation Act, enactment of the Online Platform Fairness Act, enactment of the Small Business Welfare Act, and amendments to the Minimum Wage Act. In response, the People Power Party pledged to "actively strive to realize the policy tasks proposed by the Korea Federation of Small and Medium Business."

The KSMB also stated, "In January, then-candidate Yoon Seok-yeol mentioned a support budget of about 50 trillion won for small business owners and emphasized the implementation of the Korean-style Paycheck Protection Program (PPP) and a half-price rent policy."

Furthermore, "The KSMB hopes that President-elect Yoon and the People Power Party will surely turn these promises into reality and establish the foundation for the complete independence of small business owners," it said.

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