Article 12.7 Measures for People's Livelihood… 1% interest rate loan for industries excluding loss compensation

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government has introduced additional measures to compensate for losses of small businesses worth 12.7 trillion won, including some of this year's excess tax revenue and the existing budget. It includes a plan to provide 9.4 trillion won to businesses excluded from compensation for losses.

Correspondent Jo Ki-ho.

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The loss compensation implemented in October was only for small business owners who suffered losses due to the ban on gatherings and restrictions on business hours.

Wedding halls and funeral halls, exhibition halls and accommodation facilities, and the travel industry were also not compensated due to restrictions on the number of people and facilities, etc.

First of all, we will supply 2 trillion won in loans to 100,000 companies with reduced sales at 1% ultra-low interest rates within the limit of 20 million won to these industries.

For indoor and outdoor sports facility companies, a low interest rate loan of 1.6% of the maximum limit of KRW 8.5 billion will be provided.

KRW 6.3 trillion will be invested in expanding the loan support target for affected companies this year and next year and increasing the number of special guarantees.

800,000 companies subject to loss compensation and 140,000 companies with reduced sales among companies with limited personnel facilities will receive 50% of electricity bills and 30% of industrial accident insurance premiums for two months from December of this year.

[Hong Nam-ki/Deputy Prime Minister: We plan to reduce electricity and industrial accident insurance premiums for 2 months for about 940,000 companies, including 140,000 companies with reduced sales and 800,000 companies subject to loss compensation.]

Energy vouchers worth KRW 7.9 billion are provided to 880,000 low-income households to support winter heating costs. In order to stabilize the price of livestock products, KRW 380 billion is invested in contract cultivation of vegetables or purchase of feed.

At the same time, the reduction of the individual consumption tax for passenger cars, which was set to be made by the end of this year, will also be extended for the next six months.