The government has announced an emergency financial support package totaling 1.6 trillion won to assist sellers facing difficulties due to payment delays by TMON and Wemakeprice.
According to the plan announced at the Economic Ministers' Meeting on the 21st, the government will provide loans of 170 billion won through the Small Enterprise and Market Service and 100 billion won through the Korea SMEs and Startups Agency. Additionally, 300 billion won in financial support will be provided through the Korea Credit Guarantee Fund and the Industrial Bank of Korea. Local governments will also prepare over 1 trillion won in emergency management stabilization funds to offer loans and interest subsidies to affected businesses.
This support package is 360 billion won larger than the measures announced on the 7th, and includes additional assistance such as loan maturity extensions for affected companies and prepayment loan extensions.
The National Tax Service has already expedited the refund of 61.1 billion won in value-added tax and will continue to provide additional support, such as extending tax payment deadlines and deferring tax audits.
Furthermore, the Ministry of Employment and Labor plans to swiftly disburse employment retention subsidies and unemployment benefits to support those who have lost their jobs. In cases of unpaid wages, wage claims and living expense loans will also be made available.
To address consumer damages, the government will expedite collective dispute mediation and prepare legislative measures this month, including the regulation of payment settlement cycles and the separate management of payment funds.
Additionally, the government is considering loss-sharing measures to facilitate prompt refund support.
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Government Announces 1.6 Trillion Won Emergency Support for Sellers Affected by TMON and Wemakeprice Payment Delays
The government has announced an emergency financial support package totaling 1.6 trillion won to assist sellers facing difficulties due to payment delays by TM
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