The government will pay up to ten million won in indemnities to small businesses that have suffered revenue losses due to COVID-19 restrictions.

The year's second extra budget plan, which includes 23 trillion won in indemnity funds, was approved during the Yoon Suk Yeol administration's first Cabinet meeting on Thursday.

The government will first hand out a six-million-won payment to all eligible businesses, then further indemnify qualifying enterprises depending on their sales, losses and business type for a total relief package of up to ten million won.

Included in this round of support are companies from around 50 types of businesses, such as those in the tourism and air transport industries, that have posted losses exceeding 40 percent in sales as well as mid-sized firms with sales of one to three billion won that were subject to quarantine rules.

The finance ministry expects three-point-seven million small businesses to be eligible.

The government has also set aside one-point-five trillion won to expand state compensation for affected businesses. This comes after the government and the ruling People Power Party(PPP) agreed to raise the corrective adjustment rate of compensation to 100 percent, as well as the quarterly threshold to one million won.

The budget bill will be submitted to the National Assembly on Friday.