Cash Support of 1.4 Million Won for 'Seoul Self-Employed Survival Fund', Online Applications Open from 9 AM

70% of Small Business Owners in Seoul to Receive Benefits... In-Person Applications Start from the 15th of Next Month

[Asia Economy Reporter Jo In-kyung] The Seoul Metropolitan Government will begin accepting online applications from 9 a.m. on the 25th for the 'Self-Employed Survival Fund' to support self-employed individuals struggling due to the novel coronavirus infection (COVID-19).

Self-employed individuals and small business owners with annual sales under 200 million KRW last year and who have been registered as business operators in Seoul for more than six months as of the end of February this year will receive 700,000 KRW in cash per month for two months, totaling 1.4 million KRW. However, certain industries such as entertainment, nightlife, and gambling are excluded.

The city explained that it decided to provide direct cash support rather than the existing loan-centered 'indirect support' so that small self-employed business owners and small business owners facing economic difficulties can use the funds for fixed costs such as rent and labor costs.

The city expects that 72% of the approximately 570,000 small business owners in Seoul, excluding about 100,000 businesses in restricted industries, will be able to receive support. The total budget for this is 575.6 billion KRW.

When applying online, no documents need to be submitted; applicants only need to verify their identity via mobile phone authentication and enter their name, resident registration number, business registration number, phone number, account number (vehicle number for transportation operators), and business address. From Monday to Friday, applications should be submitted on the day corresponding to the last digit of the business owner's birth year, following the same mask distribution schedule system, while on Saturdays and Sundays, applications are accepted regardless of birth year.

In-person applications can be made from June 15 to 30 at Woori Bank branches (excluding sub-branches) within the district where the business is located or at designated locations by district, but applications cannot be made on Saturdays and Sundays, June 20-21 and 27-28.

In-person applications will also follow a 10-day rotation system: those whose birth year ends in 0, 1, 2, 3, or 4 can apply on June 15, 16, 17, 18, and 19 respectively; those whose birth year ends in 5, 6, 7, 8, or 9 can apply on June 22, 23, 24, 25, and 26 respectively. On the last two days of the application period, June 29 and 30, anyone can apply in person.

When applying in person, applicants must submit the application form, a copy of the business registration certificate, and a copy of their bankbook. If the applicant cannot visit in person, proxy applications are allowed with a power of attorney.

For more details, visit the website (smallbusiness.seoul.go.kr). For further inquiries, contact the 120 Dasan Call Center or the on-site reception offices in the district where the business is located.