Jo Joo-hyun, Vice Minister of SMEs and Startups, Checks Loss Compensation Payments... "Dedicated Consultation Window Operation"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is giving a joint briefing with related ministers on the second supplementary budget for 2022 at the government Seoul office briefing room on the 12th. From the left, Cho Joo-hyun, Vice Minister of the Ministry of SMEs and Startups; Choi Sang-dae, 2nd Vice Minister of the Ministry of Economy and Finance; Deputy Prime Minister Choo Kyung-ho; Jeong Hwang-geun, Minister of Agriculture, Food and Rural Affairs; and Cho Kyu-hong, 1st Vice Minister of the Ministry of Health and Welfare. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] Cho Ju-hyun, Vice Minister of the Ministry of SMEs and Startups, visited the Seoul Jungbu Center of the Small Enterprise and Market Service on the 27th to check the preparation for the payment of loss compensation funds and the status of civil complaint responses, and encouraged the staff.

The loss compensation fund, amounting to 23 trillion won, was allocated in the second supplementary budget to compensate for damages suffered by small business owners during the COVID-19 period and is currently under review by the National Assembly.

The Ministry of SMEs and Startups is pre-selecting payment recipients in cooperation with the National Tax Service and local governments, and is building an online application and payment system for prompt disbursement. Dedicated consultation desks will also be operated at 70 Small Enterprise and Market Service regional centers nationwide.

Vice Minister Cho inspected the consultation desk environment, consultation manuals, and guidance materials to ensure that small business owners do not experience inconvenience during the consultation and application process for the loss compensation fund, while encouraging the Small Enterprise and Market Service staff and listening to their difficulties.

He stated, "The loss compensation fund is the most important first step for the new government's top national agenda, 'Complete Recovery and New Leap of Small Business Owners,'" and urged, "Please prepare thoroughly without any gaps during the remaining period to ensure full compensation for small business owners' losses."