Financial Management Review Meeting
Choi Sang-dae, Vice Minister of Strategy and Finance, is presiding over the 'Fiscal Management Inspection Meeting' at the Korea Eximbank in Yeouido, Seoul on the 20th. 2022.5.20 Photo by Yonhap News
[Asia Economy Sejong=Reporter Son Seon-hee] The Ministry of Economy and Finance announced that if the second supplementary budget (supplementary budget) passes the National Assembly, the loss compensation fund for small business owners, ranging from 6 million to 10 million KRW, will begin to be paid within '3 days' from the date of passage. There will be no need to submit separate supporting documents, and the loss compensation fund will be promptly paid upon the application of small business owners.
On the afternoon of the 20th, Choi Sang-dae, the 2nd Vice Minister of the Ministry of Economy and Finance, presided over the 'Fiscal Management Inspection Meeting' at the Export-Import Bank in Yeongdeungpo-gu, Seoul, and pre-checked the execution preparation status regarding the '2022 2nd Supplementary Budget' submitted to the National Assembly on the 12th.
The Ministry of Economy and Finance stated that major projects in the supplementary budget, such as the loss compensation fund for small business owners, will be executed swiftly, and other projects like strengthening quarantine measures will be prepared thoroughly to ensure timely execution throughout the year. The loss compensation fund will be paid between 6 million and 10 million KRW to 3.7 million small business owners and SMEs, considering each business's sales scale and damage level.
Separately, compensation under the Loss Compensation Act will be decided by convening the Loss Compensation Deliberation Committee immediately after the supplementary budget is confirmed, and the compensation standards for the first quarter will be resolved. The Ministry of Economy and Finance also announced that applications and payments for compensation will begin within one month after the supplementary budget passes.
The emergency living support fund of 1 million KRW to alleviate the livelihood burden of low-income households will be granted to local governments within one week after the supplementary budget is confirmed, and payments will begin within two months using existing social security benefit qualification information without a separate application process. Support funds for special types of workers and freelancers, corporate taxi and bus drivers will begin to be paid within one month, and payments for cultural and artistic workers will start within two months.
Vice Minister Choi said, "We will actively cooperate with the National Assembly to ensure that this supplementary budget bill is discussed and reviewed promptly and executed as soon as possible," adding, "We will continuously monitor the preparation status of inter-ministerial cooperation, delivery systems, target databases, online application systems, and call centers."
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