Extension of National Property Rent Relief for Small Business Owners by One Year

[Asia Economy Reporter Song Seung-seop] The government has decided to extend the measure to reduce the rental burden on small business owners leasing state-owned property for one more year until the end of next year.

Since April 2020, the government has been alleviating the rental burden on small business owners and small and medium-sized enterprises (SMEs) facing management difficulties due to COVID-19 by reducing the rental fees for state-owned property. The rental rate for state-owned property was lowered to up to two-thirds of the original rate, and payment of rent can be deferred for up to six months. The late payment interest rate has been eased from 7-10% to 5%.

As a result of this measure, small business owners and SMEs have reduced their burden by 127.7 billion won (108,374 cases) from April 2020 to the end of last October.

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