SEOUL– The government plans to provide cash handouts to 3.71 million small merchants in the latest move to support the struggling small businesses hit hard by the COVID-19 pandemic.
On Sunday, parliament passed a 62 trillion-won (US$49.4 billion) extra budget bill, under which some 3.71 million merchants and micro business owners will be eligible for cash handouts of between 6 million won and 10 million won each.
Business establishments in some 50 fields that have seen annual sales decline by over 40 percent on average due to the government’s social distancing mandates, such as the tourism and concert industries, are eligible to receive at least 7 million won each.
Cash handouts were expected to begin later in the day, according to the Ministry of SMEs and Startups.
As of 6 p.m., more than 1.08 million applications had been received and more than 5.95 trillion won had been paid to over 964,000 applicants, accounting for 89.2 percent, the SME ministry said.
Source: Yonhap News Agency