Finance Minister Hong Nam-ki says he believes the government will likely unveil as early as April an outline for a system to compensate businesses that were devastated by COVID-19 social distancing measures. 

Speaking before the National Assembly’s Strategy and Finance Committee on Tuesday, Hong said the government believes such a system must be institutionalized by law.  

His comments come a day after President Moon Jae-in instructed government officials to review “institutional measures” to compensate small businesses for their losses stemming from the government’s COVID-19 social distancing measures.  

Speaking at a session with health-related ministries and agencies, Moon said despite a swift economic recovery, the difficulties facing small businesses and the self-employed due to the protracted pandemic are aggravating.  

He then called on the related agencies, including the SMEs and Startups Ministry, to review, with the ruling Democratic Party if possible, measures to institutionalize compensation for them within a scope the state fiscal ability can afford.  

It marked the first time the president mentioned systemic COVID-19 compensation plans rather than one-time compensation schemes.