The government began accepting applications for state compensation for small businesses that suffered losses due to tightened social distancing on Wednesday.

The Ministry of SMEs and Startups said that around 550-thousand businesses subject to strengthened restrictions since December 6 can submit online applications for payouts from 9 a.m. 

The applicants will receive a total of five million won in advance, consisting of two-point-five million won each for the fourth quarter last year and the first quarter this year.

If more compensation is required, it will be paid by mid-February.

However, if applicants are found to have received more money than they lost, they will be required to return the excess money within five years. Interest will be free until the first-quarter compensation is determined, after which a one-percent interest will be imposed.