"Small Business Burden Reduction Credit Surpasses 1.175 Trillion Won in Cumulative Usage"

Distributed to 2.97 Million Businesses
Achieved 95.4% of Initial Target

The Small Enterprise and Market Service announced on October 30 that the cumulative usage amount of the 'Small Business Burden Reduction Credit,' a program implemented to ease the fixed cost burden on small business owners, has surpassed 1.175 trillion won.

Sung-Hyo Park, Chairman of the Small Enterprise and Market Service, is inspecting the status on the first day of accepting applications for the Small Business Burden Reduction Credit. Small Enterprise and Market Service

The Small Business Burden Reduction Credit is a program that provides a 500,000 won credit in the form of a credit, debit, or prepaid card, which small business owners can use to pay public utility bills such as electricity, gas, and water, as well as the four major social insurance premiums, telecommunications fees, and vehicle fuel costs.

Since the application process began on July 14, the Small Business Burden Reduction Credit has been distributed to 2.97 million businesses, which is 95.4% of the initial target of 3,111,000 businesses in just about three months. The Small Enterprise and Market Service attributes the program's success to the simplified, paperless application system enabled by information linkage with the National Tax Service, as well as ongoing promotional efforts in collaboration with related organizations and associations.

Going forward, the Small Enterprise and Market Service plans to continue notifying eligible recipients by sending guidance text messages to small business owners who have not yet applied, through data integration with card companies. Currently, 140,000 businesses are still eligible to apply for the Small Business Burden Reduction Credit, but support will not be available after the application deadline on November 28. Detailed information on eligibility and application methods can be found on the official website of the Burden Reduction Credit program.

Chairman Park Sunghyo stated, "Since the beginning of the program, active promotion has led to high participation, and we will continue to encourage those who have not yet applied to ensure they do not miss this support opportunity during the remaining period."

This content was produced with the assistance of AI translation services.