Small Business Owners' 'Support Fund Plus' Payments Begin on the 29th

Payment of 1 million to 5 million KRW on the same day for applications submitted by 6 PM... 6.7 trillion KRW to 3.85 million people

On the 16th of last month, small business owners are receiving consultations related to the Support Fund at the Seoul Jungbu Center of the Small Enterprise and Market Service. / Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups announced that starting from the 29th, it will provide the 'Butemokjageum Plus' to small businesses and small merchants who are facing difficulties in management due to business suspension, operation restrictions from strengthened social distancing, or decreased sales.

Approximately 3.85 million people are eligible for Butemokjageum Plus, with a total payment amount of 6.7 trillion KRW. Businesses subject to assembly bans by the Central Disaster and Safety Countermeasures Headquarters or local governments for six weeks or more from November 24 last year to February 14 this year (such as indoor sports facilities and karaoke rooms) will receive 5 million KRW. Businesses with less than six weeks of such restrictions (such as academies) will receive 4 million KRW. Businesses that complied with operation restrictions during the same period and experienced a decrease in sales compared to the previous year (such as restaurants, cafes, accommodations, and PC rooms) will receive 3 million KRW.

For general industries not subject to assembly bans or operation restrictions, payments ranging from 1 million to 3 million KRW will be made depending on the type of sales decrease and the severity of the business crisis.

Those with a sales decrease of 60% or more (such as travel agencies and youth training facilities) will receive 3 million KRW; those with a sales decrease between 40% and less than 60% (such as performances and exhibitions) will receive 2.5 million KRW; those with a sales decrease between 20% and less than 40% will receive 2 million KRW; and other sales decreases (businesses with annual sales under 1 billion KRW) will receive 1 million KRW.

However, even if a business was subject to operation restrictions due to social distancing, if its sales increased last year compared to 2019, it is not eligible for support. Similarly, general industries that received the New Hope Fund or Butemokjageum but had increased sales last year are excluded from support. If one person operates multiple businesses, payments up to 10 million KRW will be made for up to four businesses.

Notification text messages will be sent from 6 a.m. on the day to those eligible for prompt payment. Applications for support can be made on the website (ButemokjageumPlus.kr). On the 29th, only businesses with an odd-numbered business registration number can apply, and on the 30th, only those with an even number can apply. From the 31st onward, applications can be made regardless of odd or even numbers. Those operating multiple businesses can apply starting from the 1st of next month.

From the 29th to the 31st, applications submitted by noon will be paid from 2 p.m., those submitted by 6 p.m. will be paid from 8 p.m., and those submitted by midnight will be paid from 3 a.m. the next day. Therefore, to receive Butemokjageum Plus on the same day, applications must be submitted by 6 p.m. Starting from 9 a.m. on the 29th, a dedicated call center for Butemokjageum Plus (1811-7500) will operate, and online chat consultations will also be available.