The government will provide 560 billion won, or about 405 million U.S. dollars, to support small businesses and self-employed people hit by delayed payments from online shopping platforms, TMON and WeMakePrice.

First vice finance minister Kim Beom-seok announced the plan on Monday during a government meeting on the recent settlement failures by the two troubled platforms affiliated with Singapore-based Qoo10 Group.

The government plans to provide 200 billion won in emergency liquidity funds through the Korea AMEs and Startups Agency and the Small Enterprise and Market Service, and 300 billion won through programs with the Korea Credit Guarantee Fund and Industrial Bank of Korea.

Another 60 billion won will be poured to support travel agencies. 

The government will also provide financial support, such as extension of loan maturity, for small businesses affected by the payment delays.