New Entrepreneurs This Year to Receive Small Business Hope Recovery Fund by End of August

'2nd Supplementary Budget Inter-Governmental TF Meeting' Held on the 26th

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The government plans to provide the Small Business Hope Recovery Fund to new entrepreneurs by the end of August this year. The Small Business Hope Recovery Fund can provide up to 20 million KRW depending on the scale of damage.

On the 26th, the government held the 2nd supplementary budget inter-ministerial task force (TF) meeting at the Government Complex Sejong, chaired by Ando Geol, the 2nd Vice Minister of the Ministry of Economy and Finance, to discuss these matters.

First, the Hope Recovery Fund, which will be paid to 1.78 million small business owners affected by COVID-19, will begin sequential payments after a business announcement in early August.

For 1.3 million rapid payment recipients who have previously received disaster relief funds such as the Buffer Plus Fund, support payments will be available starting from the 17th of next month.

There will be no separate application procedure for rapid payments, and a system will be established to enable payment on the same or next day once identity verification and account number confirmation are completed through notification messages.

Meanwhile, regarding the National Support Fund, which provides 250,000 KRW per person to about 88% of the population, payments are expected to begin in late August after confirming eligible recipients and establishing a query system through prior preparations.