Compensation for Losses Can Be Applied for Regardless of Odd-Even Date... 17.0388 Trillion Won Paid Out

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Small business owners who suffered losses due to COVID-19 quarantine measures can apply for loss compensation payments starting today (the 1st), regardless of whether the last digit of their business registration number is odd or even.

The Ministry of SMEs and Startups sent notification texts to 3.23 million out of 3.48 million eligible businesses for rapid payment on the first and second days of the application period, from the 30th to 31st of last month, and began disbursing payments.

During the first two days, an odd-even system was implemented to prevent traffic congestion on the loss compensation application site, but from today, applications can be submitted without number restrictions.

According to the Ministry of SMEs and Startups, as of 10 a.m. today, a total of 2.84 million businesses have applied for the loss compensation payment, and 2.76 million of them have received a total of 17.0388 trillion won.

Eligible applicants can access the loss compensation payment website (sosangonginsonsilbojeongeum.kr) and apply regardless of weekends or holidays, as long as it is their designated application day.

The government is providing loss compensation payments ranging from a minimum of 6 million won to a maximum of 10 million won per business, considering sales scale and reduction rate.

The principle of loss compensation payment is 'same-day payment upon application' and 'six payments per day.'

If you apply by 7 p.m., the support fund will be deposited on the same day, and if you apply between 7 p.m. and midnight, you will receive it at 3 a.m. the next day.

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