Sejong, Dec. 27 (Yonhap) – South Korea will offer assistance grants of up to 3 million won ($ 2,700) to small business owners affected by the novel coronavirus outbreak, government officials said Sunday. and the ruling party.
The decision on the third round of the country’s emergency aid package was made during a high-level political discussion between officials from the presidential office – Cheong Wa Dae -, the government and the ruling Democratic Party (DP, according to its acronym in English). ), held in the National Assembly.
After the meeting, the DP announced the decision to offer 1 million won ($ 906) to all small business owners and provide an additional 1 million won to stores subject to partial restrictions, or 2 million won ($ 1,812 ) additional to businesses forced to shut down entirely by tightened social distancing restrictions.
The government’s goal is to provide the welfare subsidies in January.
The move comes as more and more independent traders and professionals face the increasing burden of paying fixed rental fees, due to the government’s order to suspend their businesses to stop the spread of community broadcasting.
The government will also provide low-interest loans to small businesses and allow store owners to defer payment of electricity and insurance bills from January to March.
It also plans to offer support to medical institutions facing the pandemic. Specifically, the Government will help provide additional sick beds in negative pressure wards for hospitals dedicated to treating infectious diseases and will compensate for damages arising from the treatment of the coronavirus.
The Government and the DP are also considering increasing the amount of tax credits for landlords that voluntarily reduce rents for small businesses from the current 50 percent to 70 percent, by the corresponding discounted amount.
The program will not apply universally to all homeowners, but only to those with income “below a certain level.”
The government will also offer subsidies to temporary workers and freelancers in the new aid program. Such workers were entitled to receive 500,000 won ($ 453) in emergency funds in the government’s fourth supplemental budget approved earlier this year.
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