President Moon Jae-in announced an emergency rescue package worth 50 trillion won, or roughly 39 billion U.S. dollars, to help small businesses ride out the downturn amid the new coronavirus outbreak.

[Sound bite: President Moon Jae-in (Korean)]
"Emergency financial support for small businesses will be expanded to 12 trillion won. It will be offered at commercial banks so they will be able to take low interest loans at around one-point-five percent. There will be five-point-five trillion won worth of special credit guarantees for SMEs and small business owners."

The measures were laid out at the inaugural meeting of the coronavirus emergency economic council on Thursday.

Moon said the maturity date of loans will also be extended and interest rate payments deferred for small and medium-sized firms and small business owners.  

[Sound bite: President Moon Jae-in (Korean)] 
“To overcome the economic difficulties, we are going to need more measures. We have to devise ways to assist those who have lost income and jobs due to the COVID-19 outbreak. As the central government coffer is limited, we also have to cooperate with local governments. This is not an ordinary situation so we must go beyond conventional measures. The priority is to prevent public life from collapsing. I ask you to swiftly come up with effective ways to assist the vulnerable.” 

The aid package comes as SMEs are on the verge of bankruptcy amid a looming global recession and credit crunch.