President Yoon Suk Yeol called for the 62 trillion-won extra budget passed in parliament on Sunday to be swiftly acted upon with the rapid distribution of support to small businesses that suffered losses during the prolonged COVID-19 pandemic.

At a meeting with his aides on Monday, Yoon said it is the state’s constitutional duty to compensate businesses that suffered losses due to limitations imposed by government restrictions on merchants’ property rights.

The distribution of payouts is expected to begin as soon as Monday afternoon.

The president, who had declared COVID-19 compensation to be a priority state task, submitted the extra budget plan to the National Assembly two days after his May 10 inauguration.

The rival political parties approved the largest-to-date extra budget bill on Sunday night, having increased the government's proposal by two-point-six trillion won.

Referring to major conglomerates' recent investment and hiring pledges in the domestic market, Yoon called for a streamlining of red tape that hinders corporate investment, pledging to personally lead such efforts.