Opposition Party Welcomes 'COVID-19 Small Business Disaster Relief Fund Repayment Exemption' Measure

Lee Jae-myung "A Decision That Was Lacking but Well Made"
"Yoon Hopes to Be Recognized for 'Policy Shift' in State of the Nation Address"

The Democratic Party of Korea welcomed the party-government agreement not to reclaim the approximately 800 billion won in disaster relief funds that were prepaid to small business owners and self-employed individuals during the COVID-19 period, calling it a "well-made decision." At the same time, they urged the government and ruling party to continuously devise practical measures for the livelihood economy.

Lee Jae-myung, leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 30th. Photo by Kim Hyun-min kimhyun81@

On the morning of the 30th, at the Supreme Council meeting held at the National Assembly, Lee Jae-myung, the party leader, said, "The party and government have announced measures for self-employed individuals suffering after COVID-19. While not entirely satisfactory, I consider it a well-made decision seen after a long time."

Earlier, on the 29th, the People Power Party, the government, and the Presidential Office held a high-level party-government meeting and decided not to reclaim the disaster relief funds amounting to about 800 billion won, which were provided to approximately 570,000 small business owners during the COVID-19 period. The explanation was that the funds were urgently provided at a time when sales information was unavailable, and there was no fault on the part of the administrative authorities or small business owners. They also considered the recent high interest rates that have made the management conditions of small business owners and the self-employed difficult. The government decided to exempt the legal obligation to reclaim the funds and to promptly push for amendments to the Small Business Act to this end. They also plan to expand the existing 'Low-Interest Debt Refinancing Program for Small Business Owners' and the 'New Start Fund' to reduce interest costs for small business owners.

The Democratic Party expressed its welcome for these measures. Im Oh-kyung, the party's floor spokesperson, said in a briefing the day before, "We welcome the acceptance of the issues that the Democratic Party had proposed for the livelihood of small business owners and public safety at the high-level party-government meeting of the government and ruling party," adding, "If it is for the livelihood and public safety, the Democratic Party will actively cooperate. We hope for swift implementation." He also added, "If budget review or legislative amendments are necessary, if the government and ruling party promptly present specific plans, we are also prepared to actively cooperate."

He emphasized that he hopes the government and ruling party will continue to actively pursue livelihood-centered policies for the people. He expressed expectations that President Yoon Suk-yeol will show a changed national agenda in his upcoming National Assembly budget speech for the next year on the 30th.

At the meeting that day, Lee Jae-myung mentioned the trade deficit and domestic demand recession, urging the government and ruling party that "tangible and practical measures that resonate with the people are urgently needed."

Lee said, "The party-government meeting yesterday alone is not enough," and added, "(The livelihood measures) are still woefully insufficient." Regarding the budget, he pointed out, "The budget is the minimum safety net that supports the lives of suffering people and the last bastion to protect the collapsing economy," and criticized, "They say they will cut not only the livelihood budget but also the R&D budget that drives future growth. It is absurd."

He said, "This approach can never gain the trust of public sentiment," and urged, "I hope President Yoon Suk-yeol properly responds to the suffering of the people in tomorrow's National Assembly policy speech and that practical measures to revive livelihoods and the economy will be prepared." He also emphasized, "I hope it will be possible to evaluate that 'there is a comprehensive shift in the national agenda, and that the thinking has changed.'"