Vice Minister Jo Joo-hyun Visits Site Preparing for Loss Compensation Payment... Implementation from the 30th

2022 Q1 Loss Compensation Payment Preparation Status Check
Online System Being Built for Easy Payment to Small Business Owners

[Asia Economy Reporter Kim Bo-kyung] Cho Joo-hyun, Vice Minister of the Ministry of SMEs and Startups, visited the loss compensation system development site on the 21st to check the preparation status for the payment of loss compensation for the first quarter of 2022.

The loss compensation system is a program that calculates and compensates losses incurred by small business owners due to the government's direct quarantine measures against COVID-19 on an individual business basis.

Loss compensation has been executed twice since October last year, and it is scheduled to be implemented for the first quarter of 2022 starting from the 30th.

In cooperation with the National Tax Service and local governments, compensation amounts are being pre-calculated, and an online system is being established to allow small business owners to apply easily and receive payments.

On this day, Vice Minister Cho inspected the system construction status and performance, and confirmed whether the system reflected major changes in loss compensation for the first quarter of 2022.

He also encouraged employees of the Small Enterprise and Market Service and the system contractors who are working hard on-site for smooth system operation.

Vice Minister Cho stated, "Since system construction and operation are crucial for prompt and flawless loss compensation, we will thoroughly prepare during the remaining period."

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