Sogongyeon, "Welcome to the End of Social Distancing... Full Compensation for Losses is the Top Priority"

[Asia Economy Reporter Kwak Min-jae] The small business sector has welcomed the full lifting of social distancing measures and urged that full compensation for losses should be the top priority.

The Korea Federation of Small and Medium Business Associations issued a statement on the 15th, saying, "Although somewhat delayed, we actively welcome the lifting of business restrictions, which was the greatest wish of small business owners, on behalf of 7 million small business owners."

The Federation claimed that since the implementation of control measures on multi-use facilities due to COVID-19, small business owners have been deprived of their freedom to operate for two years under continuously strengthened social distancing measures, facing unprecedented business restrictions.

They added, "Although the Small Business Loss Compensation Act was enacted in July 2021, it does not apply retroactively, and fixed costs such as rent and labor expenses are not compensated, so the losses incurred by small business owners due to business restrictions have not been fully reimbursed."

The Federation expressed, "We have high expectations for the full compensation of losses and the increase in quarantine support funds through the injection of more than 50 trillion won in resources, which was President Yoon Suk-yeol's number one campaign pledge," and urged the political circles to prioritize this after the lifting of business restrictions and to unite efforts for the full and prompt compensation of small business owners' losses.

They added, "We sincerely hope that this lifting of business restrictions will mark the starting point for the revival of small businesses, with full compensation exceeding 50 trillion won and policies for the true recovery and competitiveness enhancement of small business owners being sequentially implemented."

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