The government plans to move swiftly on the latest extra budget providing compensation to small businesses hit by COVID-19 and support for vulnerable groups.

The finance ministry on Monday announced that it aims to execute over 80 percent of the designated tasks by late June.

Out of the total 62 trillion won, 24 trillion won will be set aside for local governments and as reserve funds. The remaining 38 trillion won will be spent as general expenditure.

With applications being accepted as of noon on Monday, the payouts, totaling 23 trillion won, will be made starting at 3 p.m. Officials expect to complete more than 90 percent of the payouts over the next ten days.

Online applications will only require identification verification and the submission of a bank account number. Around three-point-71 million recipients will each get between six to ten million won.

Temporary state support of up to one million won for low-income households in the form of prepaid cards will begin to be distributed in early July without a separate application process.