SEOUL, 3rd July, 2024 (WAM) -- President Yoon Suk Yeol of the Republic of Korea on Wednesday announced a 25 trillion-won (US$18 billion) package of support measures for struggling micro business owners, saying providing tailored support is better than universal cash handouts.
According to Yonhap News Agency, Yoon unveiled the package during a meeting to discuss the direction of economic policy in the second half, saying micro business owners are still grappling with debts taken to remain afloat during the COVID-19 pandemic era.
Yoon said the government will expand low-interest loans to micro business owners and extend the repayment period for policy loans, and provide subsidies for their electricity and rent costs.
The tax benefit for landlords who lower rent for micro business tenants will be extended until the end of 2025, while debt restructuring and support for recovery will be provided for such business owners facing closure.