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Cabinet Approves 14 Tln Won Extra Budget to Help Small Biz Owners

#Hot Issues of the Week l 2022-01-23



The Cabinet on Friday approved a supplementary budget worth 14 trillion won that aims to provide additional support for small business owners strongly impacted by the COVID-19 pandemic.

Nine-point-six trillion won will go toward doling out an additional three million won each to small businesses that suffered a decline in sales, regardless of whether they were subject to social distancing restrictions. 

The government will allocate one-point-nine trillion won for businesses subject to gathering restrictions. This is in addition to the three-point-two trillion won that has already been secured for this purpose. 

The budget will also go toward boosting quarantine efforts, including expanding the number of hospital beds for critical COVID-19 cases. 

The government will submit the plan to the National Assembly on Monday. 

Prime Minister Kim Boo-kyum, who presided over the Cabinet meeting, called for cooperation from parliament to promptly pass the plan.

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