Controversy Over Broken Promises to Small Business Owners... Transition Team "Emergency Support of 33.1 Trillion Won as Promised"

Kim So-Young, Transition Committee Member, "Promise to Support President-Elect Yoon... Plans to Provide Over 10 Million Won to Some Small Business Owners"

[Asia Economy Reporter Bae Kyunghwan] The Presidential Transition Committee (PTC) has announced its intention to use more than 33 trillion won immediately upon the new government's launch for urgent support aimed at small business owners and self-employed individuals, as promised. This move is interpreted as an early effort to quell controversy over allegations that President-elect Yoon Seok-yeol's camp broke election pledges by mentioning differential compensation payments.

According to the PTC on the 30th, Kim Soyoung, a member of the Economic Division 1 of the PTC, stated in a press release the previous night that the urgent relief support mentioned by President-elect Yoon will be implemented as promised. This includes utilizing over 50 trillion won for COVID-19 emergency relief, combining the 16.9 trillion won planned through the supplementary budget in February.

Commissioner Kim explained, "The COVID-19 emergency relief measures announced last September involve immediately injecting about 50 trillion won after inauguration to provide various supports such as loss compensation, financial aid, and re-startup assistance for small business owners and the self-employed." She added, "The urgent relief measures include differential payments based on estimated damages to small business owners, as well as financial and re-startup support."

In particular, she revealed, "As promised, we plan to provide all small business owners with amounts greater than those paid by the previous Democratic Party government immediately upon inauguration," and "For some small business owners, support exceeding 10 million won is also planned." Commissioner Kim promised, "Support for small business owners and the self-employed does not end here," adding, "We will continuously seek support measures to go beyond simple damage compensation and strive for the complete recovery and hopeful future of small business owners and the self-employed."

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