Small Business Loss Compensation Fund, 1.3 Million Companies and 8 Trillion Won Paid on First Day of Application

80.7% of 1.61 million businesses with even-numbered registration on the first day
Applications for 1.62 million businesses with odd-numbered registration start from midnight on the 31st

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young, hereinafter referred to as the Ministry) announced that on the first day of payment for the Small Business Loss Compensation Fund, 1.3 million companies received 8 trillion won in payments within a single day on the 30th. As of midnight on the 30th, 1.3 million companies had applied, and 8.0355 trillion won was fully paid by 3 a.m.

This accounts for 80.7% of the 1.61 million companies with even-numbered business registration numbers eligible for support on the first day, and 35.0% of the total 3.71 million eligible companies. The Ministry has set a principle of 'same-day payment upon application' through 'six deposit rounds per day' so that payments can be received within 3 to 4 hours after application completion.

On the second day, the 31st, companies with odd-numbered business registration numbers totaling 1.62 million are eligible to apply and receive payments. Applications began at midnight via '소상공인손실보전금.kr', and as of 10 a.m., 860,000 companies had completed their applications. Notification text messages are sent out at a rate of about 200,000 per hour starting from 9 a.m. On the 1st, applications can be submitted regardless of business registration number.

The call center, which had previously operated only on weekdays, will also be open on the temporary holiday on the 1st in anticipation of a high volume of inquiries during the initial application and reception period. The 250,000 single-operator businesses can apply starting from the 2nd of next month, and from the 13th, applications will be accepted from 230,000 companies with joint representatives and other confirmed payments.

Lee Jang-hoon, Director of Small Business Management Support at the Ministry, said, "To ensure the smooth payment of the largest-ever loss compensation fund, we have been preparing meticulously by operating a special task force of about 30 members," adding, "the Regional SME Offices and the Small Enterprise and Market Service will also cooperate with local institutions and organizations on-site to minimize inconvenience for small business owners and respond with full force."

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