Lee Young: "Loss Compensation Fund Applied by 600,000 Places for 3.5 Trillion Won... Some Have Already Received It"

Minister Lee Young of the Ministry of SMEs and Startups' Sejong Briefing on the 30th
"Application system operating without issues"
"Hope to aid COVID-19 damage recovery"

Lee Young, Minister of SMEs and Startups, is attending the 1st Economic Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 30th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] As of 2 p.m. on the 30th, when the government began accepting applications and payments for the loss compensation fund, approximately 600,000 places had applied, totaling 3.5 trillion won.

Lee Young, Minister of the Ministry of SMEs and Startups, announced this during a briefing on the loss compensation fund for small business owners held at the Ministry of SMEs and Startups briefing room in Sejong City on the same day.

He said, "Starting from 12 noon today, 300,000 notification text messages per hour have been sent to eligible businesses," adding, "The loss compensation fund application system was opened slightly earlier than scheduled and is currently operating without any issues."

He stated, "As of 2 p.m., about 600,000 companies have applied, amounting to 3.5 trillion won," and added, "The support funds are expected to be deposited within 3 to 4 hours for these applicants."

He also said, "Just before coming up to the announcement venue, I confirmed that some small business owners have already received the payments."

Minister Lee added, "I understand that some people have certified receiving the support funds on small business internet communities," and expressed hope that "this support fund will help recover from the damages caused by COVID-19 as quickly as possible."

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