Advance Payment for Q2 Loss Compensation, Applications Open from the 9th

[Asia Economy Reporter Donghyun Choi] The Ministry of SMEs and Startups will begin accepting applications for the '2022 Q2 Loss Compensation Advance Payment' starting from the 9th.

According to the Ministry on the 8th, this advance payment reflects the supplementary budget passed by the National Assembly on the 29th of last month and targets 612,000 small business owners and small enterprises that were subject to operating hour restrictions from April 1 to 17 this year.

The advance payment amount is set at 1 million KRW, considering the 17-day quarantine period in Q2 and the raised minimum amount.

Applications for the advance payment can be submitted from 9 AM on the 9th via ‘손실보상선지급.kr’ regardless of holidays or weekends.

To distribute simultaneous access, a five-day staggered system based on the last digit of the business registration number will be implemented during the first five days. After that, applications can be submitted without restrictions.

During the staggered period, application hours are from 9 AM to midnight daily. From the 14th, when the staggered system ends, applications will be accepted 24 hours from 9 AM.

Once confirmed as eligible for the advance payment after applying, the Small Enterprise and Market Service will send a text message with instructions on how to complete the agreement. Upon completion, 1 million KRW will be paid within one business day.

The application for the advance payment will close before the main payment for Q1 loss compensation, and detailed schedules will be announced later on ‘손실보상선지급.kr’. More information can be found on ‘손실보상선지급.kr’, the Small Business Policy Fund website, and the Corporate Madang portal. Guidance is also available through the Loss Compensation Call Center and 70 regional centers of the Small Enterprise and Market Service.

Cho Juhyun, Vice Minister of the Ministry of SMEs and Startups, stated, “Among the 550,000 companies that applied for the advance payment for Q4 2021 and Q1 2022 from January to March, we were able to pay 2.3 trillion KRW to 520,000 companies, accounting for 95%. We will take full responsibility to ensure that those who apply for this advance payment can receive it as quickly as possible.”

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