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President Yoon Suk Yeol Unveils Promises to Support Small Business Owners and Vulnerable Groups Amidst Pandemic

SEOUL, Feb. 8 (Yonhap) — In response to the ongoing struggles faced by small business owners and vulnerable groups due to the impact of the COVID-19 pandemic, President Yoon Suk Yeol has pledged to implement various policy support measures aimed at alleviating their financial burdens.

Yoon expressed his commitment towards this cause during a government-public debate, marking the 10th session in a series dedicated to addressing people’s livelihood issues, especially those being experienced by business owners in Seoul.

“The COVID-19 period has been particularly challenging for small business owners and self-employed individuals, who have had to endure restricted business hours and social distancing measures. As a result, many are still grappling with the significant challenge of increased debt burden, compounded by high interest rates,” Yoon explained.

To address this, the government has announced plans to collaborate with financial authorities to refund the interest, averaging 1 million won (US$753) per person. This measure is expected to benefit approximately 2.28 million small business owners, with the total refunded amount reaching 2.4 trillion won.

Furthermore, Yoon stated, “We will support small business owners and self-employed individuals who have taken out high-interest loans to switch to low-interest loans through consultation services.”

Additionally, the tax burden for small business owners will be alleviated by raising the threshold for levied taxes from the current annual revenue of 80 million won to 104 million won.

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AI legalese decoder can assist small business owners and vulnerable groups by providing them with a comprehensive understanding of the legal terms and jargon used in financial and loan-related documents. This can help them navigate the process of transitioning to low-interest loans with ease and confidence, ensuring that they make informed decisions about their financial future. Furthermore, the platform can also help individuals understand the tax implications of the government’s policy changes, empowering them to manage their finances more effectively.