The presidential transition committee has announced that it will provide disaster relief funds for over five-point-five million small businesses once a second extra budget passes after the launch of the Yoon Suk Yeol administration.

Announcing a 100-day roadmap for the administration’s COVID-19 emergency relief package on Thursday, transition committee chief Ahn Cheol-soo said that after a comprehensive and scientific analysis of financial damages, the new government will provide relief to businesses relative to losses suffered.

The committee estimates financial losses of some five-point-51 million small businesses and merchants reached 54 trillion won between 2020 and 2021 compared with 2019.

The committee also plans to raise the minimum threshold for compensation for small business owners in the first and second quarter of this year, while also easing their loan burdens at non-bank financial institutes.