Financial authorities have decided to extend loan maturity and defer debt repayment deadlines by six more months for small business owners hit hard by the COVID-19 pandemic. 

Financial Services Commission(FSC) Chairman Koh Seung-beom announced the decision following his meeting with the heads of local banks on Monday, noting small businesses and the self-employed have yet to recover to pre-pandemic levels due in part to the Omicron wave. 

The measure of extending loan maturity and deferring debt repayment was first implemented in April of 2020 and later extended three times, each by six months. 

According to five major commercial banks, the total amount of the loans and interests subject to the measure stood at nearly 140 trillion won as of the end of last month.