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| ▲ This file photo taken Aug. 23, 2021, shows empty tables at restaurants in Seoul when entry of more than two people was prohibited after 6:00 p.m. under Level 4 social distancing rules. (Yonhap) |
(LEAD) small merchants-compensation handouts
(LEAD) S. Korea to dole out compensation to 3.71 mln pandemic-hit merchants
(ATTN: UPDATES on applications received in last para)
SEOUL, May 30 (Yonhap) -- 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, the 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 2 p.m., some 600,000 applications, worth 3.5 trillion won, had been received, SME Minister Lee Young said in a briefing earlier.
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