Compensation for Losses, Application and Payment Available During Holiday Period

24-Hour Online Application and Registration... Two Deposits Per Day

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young, hereinafter referred to as the Ministry) announced on the 3rd that applications and payments for the loss compensation fund for small business owners will continue even during the holiday period. Among the 3.48 million companies eligible for rapid payment, 230,000 companies have not yet applied, and applications can be made on the dedicated website, which is open 24 hours.

The loss compensation fund will be paid for the first time during the holiday period from the 4th to the 6th. For all seven previous rounds of disaster support funds for small business owners, applications made on weekends or public holidays were paid on the first business day following the holiday.

Payments during the holiday period will be made twice a day. Applications submitted by 10 a.m. will be paid by 1 p.m., and those submitted by 5 p.m. will be paid by 8 p.m. on the same day. The call center will temporarily switch to an automated response service system during the holidays and will only provide guidance on simple inquiries such as eligibility for rapid payment, application methods, application periods, and support amounts.

The loss compensation fund for small business owners, which began accepting applications and making payments from the 30th of last month, completed payments of 19.8 trillion KRW to 3.25 million companies within four days by midnight on the 2nd. This means that 93% of the 3.48 million companies eligible for rapid payment have received the loss compensation fund.

An official from the Ministry stated, "We will adhere to the principle of same-day payment during the three-day holiday period so that small business owners who suffered sales declines during the COVID-19 period can receive the loss compensation fund as soon as possible," and added, "Since procedures such as verification payments and appeals remain, we will do our best until the end to ensure that no one who meets the payment requirements fails to receive the fund."

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