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3.2 Mln Small Biz Owners to Receive 1 Mln Won Each in Relief Funds

Written: 2021-12-17 10:36:23Updated: 2021-12-17 15:26:36

3.2 Mln Small Biz Owners to Receive 1 Mln Won Each in Relief Funds

Photo : YONHAP News

The government will spend four-point-three trillion won to help support small businesses as it plans to tighten the reins on social distancing protocols from Saturday amid a spike in COVID-19 cases. 

Finance Minister Hong Nam-ki unveiled the plan in a briefing on Friday on ways to help small business owners following the implementation of stricter distancing rules. 

First, the government will provide one million won in cash to some three-point-two million small business owners who have suffered a decline in sales. 

The government also decided to expand eligibility for state COVID-19 compensation to include 120-thousand additional businesses subject to caps on group customers including hair salons and kids' cafés. 

Hong said the government plans to secure an additional budget of one trillion won for their compensation. 

The finance minister also unveiled plans to provide 100-thousand won each in merchandise to roughly one-point-15 million businesses that need to install equipment to verify COVID-19 passes, including restaurants, cafés, internet cafés and study rooms. 

He said authorities will approve the payout once they confirm that the establishments need to purchase equipment, including temperature sensors and partitions. 

The government plans to implement the measures starting the end of the year.

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