[Seol Holiday Measures] 39 Trillion Won Released to Relieve Financial Difficulties of Small Businesses and SMEs

The government has decided to provide up to 39 trillion won to alleviate the financial difficulties of small business owners and small and medium-sized enterprises (SMEs) during the Lunar New Year holiday. The loan amount totals 37.0615 trillion won, including 211.5 billion won from the Bank of Korea, 4.3 trillion won from policy banks, 600 billion won from the Small and Medium Business Corporation, and 31.95 trillion won from commercial banks. The guarantee amount is 1.9 trillion won.

On the 9th, the government held a National Affairs Ministers' Meeting and Economic Ministers' Meeting chaired by Choi Sang-mok, Acting Prime Minister and Minister of Economy and Finance, and announced the 'Lunar New Year Holiday Measures' with these details.

1.45 Trillion Won Accounts Receivable Insurance Acquisition... Support for 5 Billion Won in Payment for Seasonal Goods Purchases

By acquiring accounts receivable worth 1.45 trillion won through insurance, the government aims to reduce the risk of credit sales for SMEs and support traditional market merchants with a total of 5 billion won for purchasing seasonal goods. The support is up to 200 million won per merchant association and up to 10 million won per individual store.

A new supply of 2 trillion won in small business convertible guarantees will begin this month. Deferred repayment loans will be newly established as early as next month for prompt support. A special loan of 50 billion won for operating funds for tourism businesses will accept applications throughout this month and will be implemented quickly from the fourth week of this month. Preferential interest rates will be provided for 13 industries including travel agencies, hotels, and tourist restaurants.

From next month, micro small business owners with annual sales under 104 million won will receive temporary support for delivery and courier fees up to 300,000 won per year. The closure support fund, expanded from a maximum of 2.5 million won to 4 million won, and additional allowances under the National Employment Support System, which pays up to 200,000 won per month for up to six months, will also be promptly provided.

Extension of Corporate Tax Payment Deadline to June for Exporting SMEs

Corporate tax, value-added tax (VAT), and customs refund payments will be expedited for exporting SMEs and micro-businesses. Corporate tax refunds for exporting SMEs will be paid early, reducing the payment period from 30 days to 10 days, and VAT early refund filings will be paid about a week earlier on the 7th of next month instead of the statutory payment deadline of the 15th. A special customs refund support period will be operated to shorten the refund review and payment period.

Tax support measures such as extension of tax filing and payment deadlines, easing of tax guarantee burdens, and suspension of seizure and sale will be provided for SMEs and micro-businesses in management crises. National taxes can be deferred for up to nine months, and customs payments can be extended without collateral for up to one year. Additionally, installment payments of up to six times are allowed.

Before the Lunar New Year holiday, a 'Unfair Subcontracting Reporting Center' will be operated to encourage early payment of subcontracting fees and prompt dispute resolution. Cooperation will be requested from member companies of major economic organizations such as the Korea Chamber of Commerce and Industry, the Korea Employers Federation, and the Korea Economic Association to make early payments of subcontracting fees before the Lunar New Year holiday.

During the Lunar New Year holiday, a 'Small Business Owner On-site Difficulty Reception Center' will be intensively operated to promptly respond to the four major livelihood damages of small business owners: malicious reviews, excessive no-shows, illegal advertising agencies, and unreasonable fines for disposable products.

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