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 Busan City (Mayor Oh Keo-don) announces the second stage of emergency financial support to save local small business owners and self-employed people who are on the verge of failure due to the aftermath of COVID-19. A total of 185.6 billion won will be paid in cash to 186,000 small business owners and self-employed people, 1 million won each. This is part of the twin people's livelihood support strategy that Mayor Oh has already proposed: 'Let the central government promote universal support in the form of basic income, and local governments promote customized support that reflects local situations in parallel to overcome the crisis.' 

 

 Busan City’s emergency financial support policy is implemented in three stages, and this emergency Support for people's livelihood subsidies is the second stage of the policy. The “Emergency Livelihood Support Fund” is an emergency emergency measure to support small business owners and self-employed people who have been hit hard by the public damage caused by the COVID-19 incident and especially by the prolonged ‘social distancing’. 

 

 The target audience is small business owners and self-employed people with sales of less than 300 million won, and both business and resident registration are in Busan. It must be registered in the region, and as it is an emergency support, 1 million won will be provided in cash to each company to provide practical help. 

 

 A total of 185,585 companies will receive support from this policy, and the financial resources will be for disaster relief. Utilize funds and reserve funds. A total budget of 185.6 billion won will be invested, and with the active participation and support of district mayors and county governors for the recovery of the people's economy, districts and counties will cover 37.1 billion won, which is 20% of the financial resources. 

 

 Applications scheduled to be accepted at district/county or town/village community centers starting April 6 Considering the fact that community centers are overburdened with election work, etc., we plan to recruit and support manpower through city officials as well as youth job creation projects. In addition, we plan to review online applications in line with social distancing to ensure the safety and convenience of applicants as much as possible. 

 

 Previously, Busan City ▲ implemented the first phase of the policy with three major burden reduction measures for small business owners and emergency measures. It is being implemented through the supplementary budget. KRW 162.6 billion to support low-income families, the elderly, and childcare, KRW 49.1 billion to expand Dongbaekjeon cashback, the Busan local currency, KRW 28.55 billion for citizen safety and recovery of local industries, public sector rent reduction, self-employed people, and small and medium-sized businesses. A total of KRW 250.5 billion, including KRW 10.25 billion, has been confirmed and is being implemented to support merchants and merchants. 

 

 In addition, special funds for small business owners, special funds for damaged companies linked to Busan Bank, all of Busan Financial support worth 700 billion won is being provided at the city level, including loans. Including policies scheduled to be implemented, financial support of 2.2 trillion won is expected at the central government level, reaching a total of 2.9 trillion won.

 

 In particular, Busan City is providing ▲ 3rd phase for specially employed workers, freelancers, and workers on unpaid leave due to the COVID-19 incident who were excluded from the 1st and 2nd phase support measures. Support measures are also being prepared. We plan to provide 15.6 billion won in government corona supplementary budget support to 30,000 people first, and actively prepare for the shortfall in the future by requesting additional government funds and securing a second supplementary budget for municipal funds. 

 

 Busan Mayor Oh Keo-don said, “The most important decision is where to invest the limited budget. “It was the most difficult decision at the same time,” he said, especially to small business owners and self-employed people who were hit hard by ‘social distancing.’ “This support is not compensation for damage, but a small consolation from all Busan citizens, and we need to do a little more to overcome the crisis. He also requested active cooperation in ‘social distancing’, saying, “This is our earnest support asking you to be patient.” 

 

 

 

[Overview of emergency livelihood support payments]

 
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◦ Implementation period: '20. 4. Application from the 6th (for 2 months)

◦ Payment target: Busan-based small business owners and self-employed persons with annual sales of KRW 300 million or less *Excluding gambling businesses, etc.
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◦ How to apply: Internet (district/county website), district/county, community center *Based on business owner’s resident registration address

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