Easing Debt Burdens and Expanding Financial Support for Small Business Owners Affected by COVID-19
The government is strengthening support measures to reduce the debt burden on small business owners and the self-employed who are experiencing economic difficulties due to COVID-19. This measure was designed to help vulnerable borrowers who are struggling with loan repayments due to the prolonged pandemic.
The government plans to expand practical financial support programs, such as extending loan maturities and deferring repayments, to lower the financial costs borne by small business owners. The core goal of this policy is to help small business owners normalize their operations and achieve economic recovery.
Meanwhile, President Yoon Suk Yeol recently presided over the 34th Cabinet meeting and assessed that the National Assembly's passage of the amendment to the Criminal Procedure Act was the first step toward normalizing the criminal justice system. Regarding concerns raised during the legislative process, such as the excessive expansion of police authority, the President emphasized that complementary follow-up measures are absolutely necessary in the future.
The government plans to cooperate with relevant ministries to ensure that these support measures for small business owners are implemented in the field without any setbacks. It also stated that it will carefully examine the difficulties faced by economically vulnerable groups and continue its policy efforts to stabilize the livelihoods of the people.
Attention is focused on whether these measures will be able to alleviate the economic burden on small business owners and serve as an opportunity for our society's judicial system to operate more stably.