SK GVT Covid-19 Financial Support

On Sep. 14, SK GVT focused on payments for small business owners.

  • SK GVT drew attention to cash payments of up to KRW2mn to small business owners and the self-employed, announced on Sep. 10 as part of the supplementary budget.
  • The bill for the budget, mainly re emergency relief payments, has been approved at an extraordinary Cabinet meeting, and will be submitted to the National Assembly.
  • Follows SK FSC Aug. 2020 update on, e.g., housing market measures, see #74374.
  • Supplementary Budget
  • Worth KRW7.8trn in total, KRW3.8trn will be used to help Covid-hit small business owners and self-employed, KRW1.4trn in order to protect up to 1.16 million jobs.
  • Will also include more comprehensive support for the vulnerable with low incomes, and measures to support families such as extending the family-care leave period.

Regulators SK GVT
Entity Types Bank; CNSM; Corp
Reference PR 9/14/2020; Mt 9/10/2020; COVID-19
Functions C-Suite; Financial; Risk; Treasury
Countries South Korea
Products Banking; Corporate; Loan; Payments
Regions AP
Rule Type Guidance
Rule Date 9/14/2020
Effective Date 9/14/2020
Rule Id 86021
Linked to Rule :74374
Reg. Last Update 9/14/2020
Report Section International

Last substantive update on 09/14/2020