Small Business Owners "Guarantee of Business Normalization and Expansion of Interest-Free Loans"

Sogongyeon "Vague Regulations Are Not the Answer... The President Must Take Direct Action"

On the 5th, the 'Small Business Federation COVID-19 Impacted Small Business Countermeasures Committee Press Conference and Resolution Ceremony' was held in front of the main gate of the National Assembly.
[Photo by Small Business Federation]

[Asia Economy Reporter Junhyung Lee] The small business sector has demanded guarantees for the normalization of business operations for small business owners and an expansion of interest-free loans.

The Small Business Federation (SBF) COVID-19 Damage Small Business Countermeasures Committee held a press conference on the morning of the 5th in front of the National Assembly main gate, urging guarantees for normal business operations and the expansion of interest-free loans. Attendees included Yunsik Choi, Chairman of the Internet Content Service Cooperative, Gyeonggi Seok, President of the Coin Karaoke Association, and Inseong Jeong, Executive Director of the Korea Billiard Hall Association.

The SBF stated, "Small business owners and self-employed individuals actively cooperated with government quarantine measures, but have suffered irreparable damage due to the 9 PM business hour restriction that has continued for over two months since the end of last year."

They added, "The expectations held by small business owners and the self-employed have turned from despair into anger," emphasizing that "experts also point out the need for sustainable policy implementation that listens to the voices of small business owners." According to the SBF, experts diagnosed at a public debate on social distancing held on the 2nd that economic damage is concentrated on specific groups due to social distancing measures.

The SBF argued, "Vague regulations alone are not the solution," and pointed out, "The President should personally take emergency measures such as expanding interest-free loans to address the situation where businesses have not been able to operate properly due to government restrictions." They added, "Through a press conference on the 2nd, we already urged the government and the National Assembly to retroactively apply compensation for business losses and prepare strong rent support measures, among the 'Five Major Demands for Business Loss Compensation.'"

They also demanded the immediate abolition of business bans and restrictions. The SBF reiterated, "Business bans and restrictions relate to the freedom of business," and emphasized, "Business bans and restrictions that tighten the noose on small business owners are having a negative impact on the overall national economy."

They further stated, "Please guarantee the participation of the SBF in the Living Quarantine Committee," and called for "detailed and reasonable quarantine measures tailored to the characteristics of each industry."