Juhyeon Cho, Vice Minister of SMEs and Startups, paid a visit to the Seoul Jungbu office of the Small Enterprise and Market Service, SEMAS, to oversee its preparation for the distribution of the Loss Compensation Program on May 27, 2022.

The government is planning to draw 2.3 trillion KRW from its secondary supplementary budget to fully compensate micro-business owners for the damage due to the pandemic. The budget is currently under review by the national assembly.

Vice Minister Cho reviewed the protocols and handouts for the program in advance to prevent any difficulties for the micro-businesses during consultation and application, while acknowledging the efforts of SEMAS staff members who are working at the front lines of the program, dealing with a variety of issues including complaints.

Mr. Cho stated that the program is an important first step of the new administration's first national agenda, which is "the complete recovery and a new leap forward for micro-businesses." He asked for a thorough preparation of the reminder of the time in order to support the complete recovery of the mom-and-pop store owners.