3,900,000 small businesses, 870,000 vulnerable to employment … 90% pay before the Lunar New Year holidays using data 1 and 2

Third ‘9.3 trillion won’ disaster support fundCaregiver / corporate taxi driverIncome stabilization fund 500,000 won eachKRW 4.8 trillion in reserve for next year

The third disaster grant amounting to 9.3 trillion won announced by the government on the 29th is actually equivalent to the fifth supplemental budget for this year. The reason it was set at three times the amount of ‘3 trillion won + α’ that was originally considered is because the recent trend for the crown to spread is unusual and the damage to the vulnerable is already severe. The government’s goal is to start paying on the 11th of next month and pay more than 90% before the Lunar New Year holidays.

Of the 9.3 trillion won in the third disaster grant, 5.6 trillion won is awarded to small businesses (3,900,000, partially overlapping) and the disadvantaged (870,000), such as self-employed and special employees.

For small business owners whose damage is concentrated according to government measures to strengthen physical (social) distance, annual sales of less than 400 million won and 1 million won each will be paid to industries in General whose sales have decreased compared to the previous year.

Assistance for prohibited and restricted industries increased from 500,000 won to 1 million won compared to the second disaster support fund, as rent support was included. Regardless of the increase or decrease in sales, everyone can receive subsidies. 2 million won will be paid to 11 restricted commercial businesses, such as restaurants, cafes, beauty and beauty businesses and computer cafes, and 3 million won to 11 businesses that are prohibited from doing business, such as entertainment establishments, academies, sports facilities indoors and singing practice.

As in the case of the second disaster grant, the government selects targets using data from the National Tax Service and the Health Insurance Corporation. Small business owners who receive notification of payment targets via text from the government do not need to submit separate documents. SME and Startups Minister Park Young-seon said: “(At the time of the second grant), using the VAT report data in effect in January for the 2.4 million people who provided the desired new fund, Lo I will. “The remaining 400,000 will be paid based on the results of the January VAT report. In addition, for small business owners, the payment of social security premiums such as employment, occupational accident insurance and national pension is spread over three months , and the payment term for electricity and gas bills from January to March is delayed three months.

Small business owners in the prohibited collective bargaining can receive rental loans at a low interest rate of 1.9%. Provides loans with interest rates in the range of 2-4% and exempts from the first year guarantee fee to restricted group industries.

Income stabilization funds are provided to people vulnerable to employment. 500,000 won will be paid to each of the 90,000 assistance and care workers and 80,000 corporate taxi drivers whose income has declined due to a decrease in passengers. Emergency job security grants of up to KRW 1 million are provided to self-employed and special jobs such as caddies and teachers with low income workbooks. In the case of the first and second rounds, 500,000 won will be awarded without a separate review, and 1 million won will be awarded to 50,000 new applicants. Workers in special high schools who do not have industrial accident insurance can also receive a loan from the life stabilization fund.

Financial resources were raised by mobilizing a fixed budget of 3.4 trillion won for next year, an execution balance of 600 billion won transferred this year, a reserve for next year of 4.8 trillion won. won and a 500 billion won fund change. Of the 7 trillion won in reserve for next year, if the third grant is implemented, there will be 2.2 trillion won remaining.

Professor Kim So-young from the Department of Economics at Seoul National University said: “As we draw up the reserve for next year, if the crown crisis is extended or prolonged into the future, it may be difficult for tax authorities. respond quickly and the damage to the vulnerable may increase. ” It is necessary to ensure the reserves in a preventive way through changes in the plans.