Suncheon-si Opens Applications for COVID-19 Loss Compensation for Small Business Owners

Online applications start from the 27th, offline applications begin from the 3rd of next month

[Suncheon=Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City, Jeollanam-do (Mayor Heo Seok) announced on the 25th that it will begin accepting applications for loss compensation payments for small business owners affected by COVID-19 starting from the 27th.

The eligible applicants are small business owners who suffered significant business losses due to compliance with quarantine measures such as gathering bans or business hour restrictions during the period from July 7 to September 30.

The loss compensation amount is calculated based on 2019 as the reference year before the COVID-19 outbreak, using the formula: (average daily sales decrease compared to the same period in 2019) × (2019 operating profit margin + ratio of labor costs and rent to 2019 sales) × (duration of quarantine measure compliance in days) × (adjustment rate of 80%).

If small business owners agree to the pre-calculated amount and apply, the payment will be made within two days. If they do not agree with the calculated amount or if it is difficult to calculate the compensation using only data held by the National Tax Service, applicants can submit additional supporting documents and reapply.

Small business owners subject to gathering bans or business restrictions can check and apply for the loss compensation payment through the Small Business Loss Compensation website (소상공인손실보상.kr) starting from the 27th. Offline applications can be submitted at the Regional Economy Division’s loss compensation support desk starting from the 3rd of next month.

For detailed inquiries, assistance is available through the call center or the Suncheon City loss compensation support desk.

A city official stated, “We hope this will provide practical help to small business owners struggling due to COVID-19, and we will thoroughly prepare to ensure that no eligible applicants are missed and that payments are made smoothly.”