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Government to Decide Next Month on Deferring Loan, Interest Payments

Written: 2021-08-05 09:06:29Updated: 2021-08-05 11:31:24

Government to Decide Next Month on Deferring Loan, Interest Payments

Photo : YONHAP News

The government will decide next month whether to again defer a postponement in loan and interest payments that is set to expire in September for small business owners. 

Finance Minister Hong Nam-ki said in a meeting on Thursday that revenues at small businesses are taking a hit after being on a gradual recovery, especially businesses that rely heavily on face-to-face service such as restaurants and lodging facilities. 

He said, however, that total credit card payments are showing a positive trend due to an increase in online sales. 

Credit card payments increased five-point-five percent in May, seven-point-six percent in June and seven-point-nine percent in July. 

The government will announce measures this month to delay second-half payments of taxes and social insurance fees.

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