Jeju Island to Distribute 'New Hope Fund' to Small Business Owners Before Chuseok

Applications accepted online from the 24th... Offline registration desks open after mid-October

[Jeju=Asia Economy Honam Reporting Headquarters, Reporter Park Chang-won] Jeju Special Self-Governing Province announced that the Ministry of SMEs and Startups will provide the New Hope Fund to small business owners whose sales have decreased due to the spread of COVID-19 and those who have been affected by social distancing measures.

The New Hope Fund for small business owners, promoted by the Ministry of SMEs and Startups, is provided to small business owners who registered their business by May 31, 2020, and are actively operating their businesses.

The support targets small business owners with annual sales of 400 million KRW or less last year, whose average monthly sales in the first half of this year have decreased compared to the average monthly sales of last year.

For entrepreneurs who started their business in the first half of this year (January 1 to May 31), if the annualized sales amount for the three months from June to August is 400 million KRW or less, and the sales in August have decreased compared to the average monthly sales of June and July, they will be eligible to receive 1 million KRW.

The Ministry of SMEs and Startups (Small Enterprise and Market Service) has compiled administrative information held by the government to select the first group of recipients for the New Hope Fund and has been notifying the recipients via text messages since the 23rd.

From the 24th, applicants can enter additional information such as business registration number and account information without submitting separate supporting documents on the dedicated online site for the ‘Small Business New Hope Fund’.

Eligibility Check ⇒	Identity Verification ⇒	Additional Information Input ⇒	Payment
○ Consent to provide information ○ Enter business registration number	○ Mobile phone verification or public certificate ＊Corporations can only use corporate public certificates only	○ Business name ○ Business address ○ Enter account number	○ Notification of application result and account deposit via text message ○ Confirm account deposit

To facilitate smooth applications, on the 24th only small business owners with even-numbered business registration numbers can apply, and on the 25th only those with odd-numbered numbers can apply. From the 26th onwards, applications can be submitted regardless of the number.

Once applied online, the New Hope Fund is expected to be paid sequentially starting from the 25th.

Additionally, if one was not included in the rapid payment recipients due to reasons such as missing tax information, support can be received through the verification payment procedure.

Verification payment applications can be submitted online in mid-October by uploading documents such as business registration certificate, ID card, sales proof documents, and a copy of the bankbook. If eligibility is confirmed, the New Hope Fund can be received.

Jeju Province also plans to operate offline reception desks separately.

For more details, use the ‘Q&A board’ on the New Hope Fund website or contact the call center (1899-1082, operating hours 9 AM to 6 PM) for application guidance.

Choi Myung-dong, Director of the Job Economy and Trade Bureau of the province, stated, “We will actively support so that small business owners in the province can apply for funds without any issues.”

Meanwhile, small business owners who were subject to gathering bans or restrictions under the Central Disaster and Safety Countermeasures Headquarters’ social distancing level 2 since August 16 are classified as special damage industries and can receive support.

In the Jeju area, there are no small business owners subject to gathering bans or restrictions, so there are no special damage industry support targets.

Industries excluded from small business policy fund loans such as gambling, lottery sales, and electronic cigarette retail are not eligible for support.

Also, recipients cannot receive the New Hope Fund simultaneously with the Ministry of Health and Welfare’s emergency livelihood support fund or the Ministry of Employment and Labor’s employment stabilization support fund, which are part of the 4th supplementary budget. Special-type workers eligible for the Ministry of Employment and Labor’s emergency employment stabilization fund cannot apply for the New Hope Fund.

■ (Special-type workers: private tutors, golf caddies, credit card solicitors, visiting teachers, freight truck owners, etc.)