PAYOUTS FOR SMALL BUSINESSES BEGIN

[Anchor Lead]

Cash payouts for small business owners who incurred lost revenue due to pandemic restrictions began Wednesday. This time around, the payout has increased to 3 million won and benefits more recipients. On Wednesday, people with business registration numbers ending in an odd number can apply.

[Pkg]

Starting Wednesday, relief funds are provided to small businesses that incurred losses due to pandemic restrictions. The payout has increased to 3 million won in this second aid package. Eligible enterprises are those that started business before December 15 of last year and are in operation as of January 17 this year with annual sales below three billion won.

[Soundbite] Kim Joong-hyun(Ministry of SMEs and Startups) : "The sales cap has been raised to KRW 3 bn to widen eligibility to various sectors including larger restaurants and businesses in education, services and accommodation industries."

Business establishments that were subject to curfews can receive the payouts without providing any documentation. These include restaurants, cafes, indoor sports facilities and singing rooms. Businesses that suffered a decline in sales can also receive the relief money even if they were not subject to limited operating hours. In this case, sales posted last November or December should be smaller than that of the same month of 2019 or 2020. Small businesses paying taxes on simplified terms can receive the payout if their revenue, subject to surtax, suffered a dip last year compared to 2019 or 2020. Others already receiving pandemic-related state subsidies don’t need to provide any other proof of documentation. Applications are available online. If signups are made before 6 pm, the payout is given the same day. A special rule will apply Wednesday and Thursday to prevent overcrowding. People with business registration numbers ending in an odd number can apply today and those ending with an even number can sign up Thursday. But from Friday, signups are open to everyone.