Second Round of COVID-19 Relief Funds for Small Businesses: 6.8 Trillion Won Distributed to 2.26 Million Companies

On the 27th, when the payment of quarantine support funds began for small business owners affected by the government's COVID-19 quarantine measures, small business owners were receiving consultations at the Small Enterprise and Market Service Seoul Jungbu Center in Jongno-gu, Seoul. The payment targets are small business owners and small enterprises that opened by December 15 of this year and whose sales have decreased or are expected to decrease, receiving 1 million KRW per business. Applications for the support fund can be made on the dedicated website '소상공인방역지원금.kr'. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Sejong=Reporter Dongwoo Lee] The second round of quarantine support funds amounting to 3 million KRW for small business owners affected by COVID-19 quarantine measures has been paid to 68% of all eligible recipients within two days. Based on only those eligible to apply in the first two days, 75% received the support funds almost immediately after the payment began.

The Ministry of SMEs and Startups announced that from the 23rd to 4 p.m. on the 24th, a total of 6.7935 trillion KRW in quarantine support funds was paid to approximately 2.265 million small business owners.

Out of the total 3.32 million eligible recipients for the second round of quarantine support funds, 2.45 million (80.8%) of the 3.04 million who could apply in the first two days submitted applications, and among them, 92.3% received the support funds.

The ratio of recipients to the total eligible recipients is 68.2%, and compared to those eligible to apply in the first two days, it is 74.5%.

The application for the second round of quarantine support funds operated on an odd-even system based on the last digit of the business registration number until this day, and from the 25th, applications can be submitted without distinction.

The quarantine support funds can be applied for online from 9 a.m. on the Small Business Quarantine Support Fund website. If applied by 6 p.m., the funds will be deposited into the designated account on the same day.

Applicants should prepare a mobile phone in their name or a joint certificate (for corporations, a joint certificate in the corporation’s name), then enter the business registration number, verify their identity, and input the transfer account information.