(Provided by the Presidential Office Photo Reporters)

Up to 10 million won supplementary budget for loss compensation, only the passage of the National Assembly remains…

(Provided by the Presidential Office Photo Reporters)

An additional supplementary budget for loss compensation prepared by the Yun Seok-yeol administration was submitted to the National Assembly on the 13th. The government’s goal is to pay by the end of this month if it passes the plenary session of the National Assembly around the 26th and 27th of this month.

The supplementary budget bill, which was deliberated and decided at the extraordinary cabinet meeting on the 12th, was submitted to the National Assembly on the 13th. Then, on the 17th and 18th, each standing committee reviews the budget, and on the 19th and 20th, the National Assembly Budget and Settlement Special Committee comprehensive policy inquiry and departmental (economic and non-economic) review. After that, it will be reviewed by the Preliminary Committee on the 23rd and 24th and will be presented to the plenary session on the 26th and 27th.

Since the government is aiming for the payment at the end of this month, for this to happen, the National Assembly must promptly vote on the supplementary budget bill as the extraordinary session of the National Assembly in May ends on the 29th. The government plans to announce the payment of loss compensation the day after the passage of the supplementary budget, and start paying the existing payers on the third day. On the 7th day, payment will be made to small business owners and SMEs that have passed the screening.

In the briefing room of the Yongsan government building, spokesperson Kang In-seon said on the same day, “This supplementary budget was pursued with a focus on complete loss compensation for small business owners, prices, and stability of the people’s livelihood.” We look forward to the National Assembly’s triumphant cooperation so that it can be delivered to the vulnerable and those suffering from COVID-19 as soon as possible.”

This supplementary budget is a ‘large-scale’ supplementary budget that approaches 60 trillion won due to the excess tax revenue that has grown from the mid 30 trillion won initially considered. The government plans to invest 26.3 trillion won, or 72%, of the 36.7 trillion won in general expenditure in this supplementary budget to support small businesses. This supplementary budget bill aims to provide a loss compensation of at least 6 million won to a maximum of 10 million won per person to 3.7 million small business owners and self-employed people affected by COVID-19. The loss compensation ratio has also been raised from 90% to 100%.

However, small business owners and self-employed groups responded positively to the resolution of the supplementary budget bill and it was unfortunate that it was not applied retroactively. The Federation of Small Businesses said in a comment on the previous day (12th) that “retroactive application and support for small and medium-sized enterprises must be included for complete loss compensation.” Kim Seong-hwan, chairman of the Democratic Party’s policy committee, also announced at a press conference at the National Assembly on the same day, “Even though the opposition and opposition parties promised to apply retroactively during the presidential election, the Yun Seok-yeol administration abandoned that promise and hopes that it can be applied retroactively in the process of deliberation of the supplementary budget.”

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