The Transition Committee Pushes to Establish a 'COVID-19 Emergency Response Headquarters' for Small Business Owners

President-elect Yoon Suk-yeol [Image source=Yonhap News]

[Asia Economy Reporter Jeong Dong-hoon] The Presidential Transition Committee is pushing to establish a 'COVID-19 Emergency Rescue Special Headquarters' to support small business owners and self-employed individuals affected by COVID-19.

The Committee's Economic Subcommittee 2 announced through a written briefing on the 24th that discussions including this matter took place during the Ministry of SMEs and Startups' work report.

The Transition Committee and the Ministry of SMEs and Startups have decided to prioritize urgent support measures for recovery, such as full compensation for losses, for small business owners and self-employed individuals severely impacted by the prolonged COVID-19 quarantine measures.

As key policy tasks for this, the Committee reported that the following were discussed: ▲ COVID-19 Emergency Rescue Special Headquarters ▲ introduction of a rent-sharing system ▲ revitalization of traditional markets and support for the recovery of self-employed individuals.

President-elect Yoon Seok-yeol has pledged to swiftly implement support policies for small business owners and the self-employed related to COVID-19 by establishing a 'COVID-19 Emergency Rescue Special Headquarters' directly under the President.

He also recently formalized plans to prepare an additional supplementary budget of 50 trillion won for loss compensation for small business owners and the self-employed.

As discussions are expected to cover loss compensation through the supplementary budget and the reorganization of the quarantine system at the COVID-19 Emergency Rescue Special Headquarters, it is reported that the Ministry of SMEs and Startups intends to play a leading role in this headquarters.

Regarding ventures and startups, there was consensus to expand the mother fund and introduce multiple voting rights for venture companies. Multiple voting rights grant venture founders more voting power than their shareholding to protect their management rights in unlisted venture companies; related bills are currently pending in the National Assembly. Transition Committee members also emphasized the fundamental need to thoroughly review the existing SME policies focused on direct government support and reorganize them to be more private and market-oriented.

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