President-elect Yoon Suk-yeol’s transition team does not specify how much small businesses will be paid.
South Korean President-elect Yoon Suk-yeol’s government to compensate 5.5 million small business owners for losses incurred due to COVID-19 restrictionsthe head of his transition team said Thursday.
Yoon is expected to take office on May 10, and the team said in a statement that losses in operating income suffered by said companies were estimated at 54 trillion won (US$42 billion) due to restrictions during the period. 2020-2021.
However, he did not say exactly how much would be paid or indicate the size of the expected supplemental budget.
South Korea lifted nearly all pandemic restrictions except a mask mandate earlier this month as part of the country’s move to live with the virus.