Assemblyman Song Gap-seok Proposes 'Small Business COVID-19 Loss Compensation Act'

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] A compensation law for small business owners' losses due to COVID-19 has been proposed.

On the 26th, Representative Song Gap-seok (The Democratic Party of Korea·Gwangju Seo-gu Gap) announced that he has taken the lead in proposing the "Partial Amendment to the Act on the Protection and Support of Small Business Owners," which compensates small business owners for losses caused by COVID-19 quarantine measures such as gathering bans and business restrictions.

The main contents of the bill include ▲ compensation for losses to small business owners whose business locations and operating hours are restricted under the Infectious Disease Control and Prevention Act, subject to review by a deliberation committee ▲ compensation possible for not only small business owners but also small and medium-sized enterprises based on the deliberation committee's decision ▲ establishment of a dedicated organization to support the deliberation committee and the committee itself.

Under the current law, business location use and operating hours of small business owners can be restricted to prevent infectious diseases such as gathering bans, but there is no legal provision to compensate for the resulting losses.

Representative Song said, "Most experts predict that global pandemics like the COVID-19 virus will recur in the future, and the cycle of global infectious disease outbreaks is expected to shorten," adding, "A system is needed to systematically compensate small business owners who suffer losses due to quarantine measures such as gathering bans and business restrictions when new infectious diseases spread."

Meanwhile, the Democratic Party plans to process three co-prosperity solidarity laws to overcome the COVID-19 crisis next month, including the Small Business Owners' Loss Compensation Act, the Cooperation Profit Sharing Act, and the Social Solidarity Fund Act.