On the Second Day of Small Business Loss Compensation, 55,000 Beneficiaries... Payment Amount Nears 200 Billion Won

Ministry of SMEs and Startups Announces Payment Status as of 4 PM on the 28th
Odd-Even System in Operation Until the 30th... "Smooth Access"

[Asia Economy Reporter Kim Bo-kyung] On the second day of applications for compensation payments to small business owners affected by COVID-19 quarantine measures in the third quarter of this year, approximately 20 billion KRW was paid to about 55,000 people.

According to the Ministry of SMEs and Startups on the 28th, as of 4 p.m. that day, 19.19 billion KRW was paid to 54,566 small and micro enterprises.

The compensation application targets are 800,000 small and micro enterprises that suffered significant business losses due to compliance with gathering bans or business hour restrictions from July 7 to September 30, with a total of 2.4 trillion KRW to be paid.

Among them, 770,000 businesses, or 77%, are eligible for "quick compensation," which can be applied for without separate documents starting from the previous day.

Applications for compensation began at 8 a.m. the previous day. For quick compensation, payments are made four times daily during the first three days of application (27th to 29th), and if applied before 4 p.m., the payment can be received on the same day.

It was reported that on the previous day, unstable situations such as inability to access the dedicated compensation website or disconnections after access occurred repeatedly.

A Ministry of SMEs and Startups official explained, "Currently, there are about 20,000 concurrent users," and added, "The system is operating smoothly without issues."

Meanwhile, on this day, businesses with an even final digit in their business registration number can apply online through the small business compensation website without separate documents.

The Ministry of SMEs and Startups will operate an "odd-even system" based on the last digit of the business registration number until the 30th. From the 31st, applications will be accepted regardless of odd or even numbers.