Small business owners have wasted no time in applying for COVID-19 compensation on the first day of the money becoming available to them. 

According to SMEs and Startups Minister Lee Young on Monday, the ministry has already received applications from around 600-thousand small businesses, totaling three-point-five trillion won in projected payouts, as of 2 p.m. The system receiving applications was opened at 10 a.m., two hours ahead of schedule.   

Minister Lee said as the test run of the application system was conducted without overload errors, it was kept open. He said payments are set to be made within three to four hours after applications are filed. 

Out of the 62 trillion won worth supplementary budget that passed the National Assembly on Sunday, 23 trillion won will be doled out to small businesses hard hit by the protracted pandemic. 

As around three-point-seven million small business owners are eligible to receive compensation, ranging from six million won to ten million won each, the government expects more than 90 percent of the payouts will be complete within ten days.