Loss Compensation Fund Execution Amount Surpasses 20 Trillion on the 5th... "Applications and Payments Continue During the Holiday Period"

Small business owners are receiving consultations at the Seoul Central Center of the Small Enterprise and Market Service in Jongno-gu, Seoul, on the 30th, ahead of the payment of loss compensation funds for small business owners. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Kim Bo-kyung] The government's loss compensation payments have surpassed 20 trillion won as of 10 a.m. on the 5th.

The Ministry of SMEs and Startups announced that since the disbursement of loss compensation payments to small business owners began on the 30th of last month, the amount executed as of 10 a.m. today reached 20.1533 trillion won. Applications for loss compensation payments will be accepted until the 29th of next month, and the government plans to distribute a total of 23 trillion won to 3.71 million businesses.

An official from the Ministry of SMEs and Startups explained, "Applications and payments for loss compensation have continued without interruption even during the three-day holiday." From midnight on the 4th to 10 a.m. on the 5th, over 10,400 companies applied, bringing the cumulative total to approximately 3.324 million companies. This corresponds to 95.5% of the 3.48 million companies eligible for rapid payment.

The cumulative number of payments made reached 3.317 million companies, totaling 20.1533 trillion won.

Applications for loss compensation payments can be made 24 hours a day through the loss compensation payment website (소상공인손실보전금.kr), regardless of weekends or holidays.

Eligible rapid payment applicants can complete their application through a simple process including entering their business registration number, identity verification, and bank account information.

[Image source=Yonhap News]

For 230,000 businesses requiring separate document verification, such as those with co-representative operations and medium-sized enterprises with annual sales under 5 billion won, 'verification payments' will begin on the 13th. Verification payment applicants must additionally submit separate documents such as a power of attorney for co-representatives.

For identity verification, individual business owners can choose among their personal mobile phone, joint certificate, or simple authentication, while corporate businesses must prepare a corporate joint certificate.

Payments will be processed promptly under the principle of 'same-day payment' and 'six payments per day.' If an application is submitted by 7 p.m., the support funds will be deposited on the same day. On the first day of payment, the 30th, payments are scheduled to begin from 3 p.m.

Detailed information on eligibility criteria and application procedures can be found on the loss compensation payment website or the Ministry of SMEs and Startups website announcements. Assistance is also available through the dedicated loss compensation payment call center (weekdays 9 a.m. to 6 p.m.).

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