Support Fund for Small Business Owners, 2.52 Million Supported in 9 Days... "Early Achievement of Goal"

Total Payment of 3.4901 Trillion Won from the 11th to the 19th

Asia Economy DB=Photo by Mun Honam munonam@

[Asia Economy Reporter Kim Bo-kyung] A total of 3.49 trillion KRW has been paid to 2.52 million small business owners who applied for the Support Fund over the 9 days from the 11th to the 19th.

The Ministry of SMEs and Startups announced on the 20th the payment status of the 'Small Business Support Fund,' which provides up to 3 million KRW per small business owner who suffered losses such as decreased sales due to the spread of the novel coronavirus infection (COVID-19).

According to the Ministry, over the 9 days from the 11th to the 19th of this month, 3.49 trillion KRW was paid to 2.52 million small business owners. With this, the government achieved its goal of supporting 90% of the total 2.8 million recipients about 20 days ahead of schedule before the Lunar New Year holiday.

Earlier, when announcing the Support Fund plan in December last year, the government set a goal to support 90% (2.52 million) of the 2.8 million eligible recipients by the Lunar New Year holiday.

On the 19th alone, 10,013 people applied online for the Support Fund, and 11.6 billion KRW was paid to them by 8 a.m. on the 20th.

From the 25th, small business owners who were not included in the first rapid payment target will be added to the database and supported with text message notifications.

Small business owners of outdoor winter sports facilities (including affiliated businesses) that complied with the gathering ban and lodging facilities subject to business restrictions due to the Central Disaster and Safety Countermeasures Headquarters' special year-end and New Year quarantine measures are expected to be included in the support targets.

Small business owners subject to gathering bans or business restrictions additionally submitted by local governments, as well as general businesses that opened between January and November last year but did not receive the New Hope Fund and whose December sales decreased compared to the average monthly sales from September to November, will also be included in the support targets.