Loss Compensation Fund Application on Fourth Day... 91% Application Rate with Approximately 19 Trillion Won Paid
Small business owners are receiving consultations at the Seoul Jungbu Center of the Small Enterprise and Market Service in Jongno-gu, Seoul, ahead of the payment of loss compensation funds for small business owners on the 30th. Photo by Jinhyung Kang aymsdream@
View original image[Asia Economy Reporter Donghyun Choi] The Ministry of SMEs and Startups announced on the 2nd, the fourth day of the application period for COVID-19 small business loss compensation, that it has paid 18.91 trillion KRW to 3.09 million small business owners and self-employed individuals.
According to the Ministry, as of noon that day, 3.18 million out of 3.48 million eligible businesses, accounting for 91.4%, had applied for the loss compensation. Among these applicants, 3.09 million have received the compensation.
The Ministry has been providing loss compensation since April 30 to small business owners and self-employed individuals affected by COVID-19 quarantine measures. Eligible recipients are small business owners and small enterprises that opened before December 15 of last year, were operating as of December 31, and experienced a decrease in sales, as well as companies with annual sales exceeding 1 billion KRW but less than or equal to 5 billion KRW. The amount of support ranges from a minimum of 6 million KRW to a maximum of 10 million KRW, depending on sales size and sales decline rate.
The government implemented an odd-even system based on the last digit of business registration numbers on the first day (May 30) and the following day of the application period. However, from the previous day onward, applications have been accepted without odd-even restrictions.
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Meanwhile, verification payment applications for 230,000 businesses requiring separate document verification, such as those operated by co-representatives and companies with annual sales under 5 billion KRW, will begin on the 13th.
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