230,000 Seoul Self-Employed Survival Fund Applications in Three Days... Applications Accepted Until June 30

[Asia Economy Reporter Jo In-kyung] The Seoul Metropolitan Government has received applications from over 230,000 people within three days for the 'Self-Employed Survival Fund,' which provides 700,000 KRW per month in cash for two months, totaling 1.4 million KRW, to small business owners and self-employed individuals struggling due to the novel coronavirus infection (COVID-19).

According to Seoul city data on the 29th, from the start of online applications for the Self-Employed Survival Fund on the 25th until 9 a.m. on the same day, a total of 230,000 applications were completed. By district, Jung-gu had the highest number of self-employed applicants, followed by Songpa-gu, Gangnam-gu, Yeongdeungpo-gu, and Gangseo-gu.

The Self-Employed Survival Fund is a policy that provides 700,000 KRW in cash per month for two months, totaling 1.4 million KRW, to self-employed individuals and small business owners with annual sales under 200 million KRW last year and who have had business registration in Seoul for more than six months as of the end of February (excluding certain industries such as entertainment, leisure, and gambling). The total budget is 575.6 billion KRW.

Unlike previous indirect support focused on loans, this program directly provides cash that can be used for fixed costs such as rent and labor costs to small self-employed business owners and small business owners in crisis.

The city expects about 410,000 small business owners (excluding certain industries such as entertainment, leisure, and gambling) to receive support through this program.

Online applications are available until the 30th of next month on the dedicated Self-Employed Survival Fund website (smallbusiness.seoul.go.kr), and in-person applications can be made from the 15th to the 30th of next month at Woori Bank branches (excluding sub-branches) located in business areas or at district offices.

For more details, applicants can check the website, call the 120 Dasan Call Center, or contact the local district office where their business is located.

Seo Seong-man, Director of Labor and Livelihood Policy at Seoul City, said, "The faster-than-expected application trend for the Self-Employed Survival Fund reflects the severity of difficulties faced by self-employed individuals due to COVID-19. We will ensure prompt processing so that they can overcome these hardships as soon as possible."