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Office of Legislative Investigation of the National Assembly ‘State of payment of subsidies for disasters, economic effects and future tasks’
Small business owners are directly impacting their livelihoods as time to sell increases
3 million won paid to academy, gymnasium, singing practice room, and stand-up performance hall
Last month, small business card sales fell further since the spread of the new coronavirus infection (Corona 19) in Korea.
According to a report on the ‘Disaster Subsidy Payment Status, Economic Effects and Future Tasks’ released by the National Assembly Office of Legislative Research on the 4th, small business card sales decreased by 22% year over year. earlier in 48 weeks (23-29 Nov), when the third Crown 19 was extended. Then, in week 49 (from November 30 to December 6), it fell by 23%, and in week 50 (from December 7 to 13), it fell by 29%.
After the third spread of Corona 19, the damage to small businesses was more severe than during the first and second epidemics. In March, when Corona 19 was first rolled out in Korea, small business card sales fell to -17 ~ -20%, and after the second epidemic started in August, it fell to -25%, but in the last month it has decreased to about 30%. be be.
At the time emergency disaster grants were paid, the decline in small business card sales was confirmed to have been somewhat slower. According to the report, sales increased between 4% and 6% compared to 2019 in week 21-22 (May 18-31) of last year, when the first disaster support payments began in earnest to all people. Even after the second disaster support fund was paid, the decline in card sales for small business owners has eased.
The number of national cards (individuals and corporations) also increased slightly at the time disaster subsidies were paid. The monthly payment increase / decrease rate decreased significantly in March (-7.4%) and April (-4.4%) during the initial Corona 19 spread, but in May (0.9%) and June (5 , 4%) when the first disaster support was paid. It showed an increase. Even in September, when the second disaster support fund was paid, the card payment rate increased by 5.7%.
The government announced a customized damages countermeasure in the form of a ‘third disaster support fund’ as damages to small business owners and self-employed workers increased due to the third corona epidemic19. The purpose of this is to free up cash and provide direct support when harm to the vulnerable increases due to reduced outside activities, such as raising social distancing by 2.5 steps and prohibiting gatherings with more than 5 people.
3 million won are paid to entertainment establishments, academies, gyms, singing practice centers, stand-up performance venues, and ski and sled fields where gathering is prohibited due to social distancing. 2 million won will be provided to businesses restricted to groups such as restaurants and cafes, beauty and beauty businesses, computer cafes, game rooms, studio cafes, movie theaters, amusement parks, hypermarkets and hospitality businesses. Also, small business owners with annual sales of less than 400 million won, whose sales decreased last year, can receive 1 million won.
Emergency employment stabilization grants are awarded to 700,000 self-employed and special-type workers whose income has decreased due to the long period of Corona 19. If you receive the second disaster support fund, you can receive 500,000 won, and those who have recently requested this time they can receive 1 million won.
Beginning on the 6th, the government will publish an announcement of the Support Fund for Small Business Owners and the Emergency Support Fund for Employment Stabilization. This is to inform the public of the details of the third disaster grant. On the 11th, small business owners receive a text message and an online application for the support fund for 2.5 million beneficiaries. Already on the 11th, you can receive support.
There is also an announcement that the former beneficiary of the new desired fund can redeem it after confirming the increase in sales last year after prepayment. The government is in a position to pay the small business owner support funds in January.
On the 6th, the Employment Security Support Emergency Fund for Special High School and Self-Employed will be announced on the 6th and a text message will be sent to 650,000 existing beneficiaries. If applicants apply online 6-11, payment will begin between 11-15, and payment will be completed before the Lunar New Year. New recipients will receive applications after 15 days.
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