Application for and payment of 'Support Wood Fund Plus' is initiated...Primary 2.5 Million Targets
112 selected by the Ministry of SMEs and Startups and the Management Committee…Travel agencies and movie theaters paid 3 million won.
2.5 million won for 23 industries such as wedding halls and baths...2 million won for 84 industries such as beauty salons and reading rooms
The Ministry of SMEs and Startups announced that it has started supporting 2.5 million people eligible for the first quick payment of "Support Wood Fund Plus" from the 29th.
In addition, the Ministry of SMEs and Startups also selected 112 companies in the management committee, which receive 2 million to 3 million won in support due to a decrease in sales by more than 20 percent.
Related banners are installed at the Seoul Central Center of the Small Business Market Promotion Agency on the morning of the 29th, when the application for the fourth disaster support fund, "Support Wood Fund Plus," began.(Photo = Copyright (c) Yonhap News Agency, Unauthorized Reprint-Re-distribution prohibited)
Small business owners "Support Wood Fund Plus" was organized into 6.7 trillion won, the largest amount of small business disaster support funds ever paid due to the spread of Corona 19.
The Ministry of SMEs and Startups used administrative information from the National Tax Service and local governments to establish the first database subject to prompt payment.
About 2.5 million people were eligible for the first quick payment, including 133,000 people banned from collecting, 572,000 people restricted from operating, 134,000 people from management-level companies and 1.66 million people from sales reduction.
Those eligible for the "support fund plus" were selected to reflect whether sales would increase or decrease due to reported sales by the National Tax Service in 2020.
As a result, even businesses that implemented operating restrictions will not be supported if their sales increased in 2020 from 2019.
In addition, even if the company received new hope funds or support funds in the general industry, sales increased in 2020 will also be excluded from the support list.
The Ministry of SMEs and Startups will send a text message to those subject to the first quick payment on 29th and 30th to apply for the support fund plus.
On the first day, 1,157,000 people with odd business numbers are eligible for application. On the 30th, 1,158,000 people with even business numbers will be sent a text message on the 30th, and all applications can be made without distinction from the 31st.
185,000 operators of multiple businesses with one person operating several businesses will receive an information message from April 1.
For quick support, the subsidy will be paid three times a day for the first three days (March 29 to March 31) from the date of application).
If you apply by noon, you will be deposited from 2 p.m. to 6 p.m., and if you apply by midnight, you will be deposited from 3 a.m. the next day.
It will be paid twice a day from April 1 to 9, and once a day after 10 days.
In addition, the "Support Wood Fund Plus" will select management-level companies with large sales declines among general industries that had no collective ban or business restrictions, and provide 2 million to 3 million won, more than the type of sales decline (1 million won).
The management committee's corporate sector is an industry with a sales decrease rate of more than 20%.
The Ministry of SMEs and Startups selected the top 10 sectors and 112 detailed industries through the National Tax Service's VAT report.
Five industries receive 3 million won in sales decline of more than 60 percent, including travel agencies, movie theaters, natural park operations, youth training facilities, and passenger carriers in ports.
There are 23 industries that receive 2.5 million won from more than 40% to less than 60% in sales, including wedding halls, bathhouses, performance facilities, and computer game centers.
There are 84 industries that receive KRW 2 million from sales reduction rate of more than 20% to less than 40% including hairdressers, reading rooms, taekwondo centers, and chartered bus operators.
Although it was not included in the first quick payment, the second quick payment will begin on the 19th of next month for new business opening since December last year, businesses with sales exceeding 1 billion won among management-level companies and companies with sales reduction in half-year comparison.
The Ministry of SMEs and Startups will provide guidance on the type of business and application methods included in the second quick payment on the 15th of next month.
Although it is not included in the rapid payment DB, the confirmation payment process that supports after checking documents will begin at the end of April.
Vice Minister of SMEs and Startups Kang Sung-cheon said, "The Ministry of SMEs and Startups and related agencies are working to provide support as soon as possible for those in need with Covid-19 and hope that the support fund plus will be a small help in difficulties."
Inquiries: Small and Medium Venture Business Department Small Business Policy Division 042-481-4589
[Source] South Korea Policy Briefing (www.Korea)kr)
