SME Industry Welcomes Social Distancing Revision Plan... Support for Small Business Owners Must Be Completed

Prime Minister Kim Boo-kyum is announcing the new social distancing system at the Central Disaster and Safety Countermeasure Headquarters meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 20th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] The small and medium-sized enterprises (SME) sector has welcomed the revised social distancing measures set to take effect from the 1st of next month and urged for the swift completion of support for damages suffered by small business owners.

The Korea Federation of SMEs announced this stance on the 21st through a statement titled "SME Sector's Position on the Revised Social Distancing Measures."

The Federation said, "We welcome the new social distancing revision announced on the 20th," adding, "The extension of business hours and the easing of private gathering restrictions are expected to help micro and small business owners and self-employed individuals, who have been struggling due to reduced consumption, recover their sales, and we hope this will be an important turning point for revitalizing our economy."

They continued, "The government should promptly complete support for small business owners to endure until the COVID-19 crisis is overcome, including the formation of herd immunity nationwide," and "We hope active measures such as expanding loan fund support and prioritizing vaccination will be implemented."

However, they cautioned, "If COVID-19 infections spread again due to the easing of social distancing, it could cause greater fatigue and economic contraction than before," urging, "Small and medium-sized enterprises and small business owners should strictly comply with quarantine rules on-site based on autonomy and responsibility."