The government organizes a 14 trillion-won supplementary budget… 3 million won quarantine support for small businesses

photo = Yonhap News

Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki announced on the 14th that the first supplementary budget for 2022, worth 14 trillion won, would be prepared and submitted to the National Assembly at the end of this month.

Deputy Prime Minister Hong said at a briefing at the government complex in Seoul on the same day, “In accordance with the extension of quarantine measures, we will support the damage of small business owners who are self-employed and secure additional quarantine expenses such as bed support.” We will provide additional support for quarantine subsidies to self-employed and small business owners through the

The government plans to provide an additional 3 million won in quarantine subsidies to small business owners and the self-employed with reduced sales. Previously, the government provided 1 million won in quarantine support to 3.2 million small businesses. The scale is expected to reach about 10 trillion won.

In addition, it is decided to secure an additional 1.9 trillion won from the existing 3.2 trillion won to compensate for losses for businesses restricted from business, to increase the total to 5.1 trillion won.

The government expects this supplementary budget to reach about 14 trillion won. The supplementary budget will first issue deficit government bonds, but take into account the 30 trillion won in excess tax revenue generated last year. Deputy Prime Minister Hong explained, “As excess tax revenue can be used after the settlement of accounts, we plan to provide emergency support with deficit government bonds first in consideration of this.”

“From now on, we will implement the customized budgets for small businesses in the 607.7 trillion won main budget as early as possible in the first quarter, which is a difficult time, and closely check the progress of quarantine, damage to small businesses, speed of support for small businesses, etc. I will leave,” he added.

Correspondent Kim So-hyun

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