The loss compensation ratio for small business owners and self-employed people who suffered losses due to COVID-19 quarantine measures was determined to be 80%. The upper limit of the quarterly compensation is KRW 100 million and the lower limit is KRW 100,000.
Ministry of SMEs and Startups (Ministry of SMEs and Startups) held the first loss compensation deliberation committee on the 8th, the first day of implementation of the small business loss compensation system, and decided on the loss compensation standards for the third quarter of this year (July-September). On the same day, the Ministry of SMEs and Startups made an administrative notice of ‘Announcement on Loss Compensation Standards, etc. for the 3rd Quarter of 2021’ based on the results of the deliberation. If the notice is issued after a 10-day notice period, it is expected that the application and payment of loss compensation will begin on the 27th. According to the Ministry of SMEs and Startups, the amount of compensation for loss is calculated in proportion to the loss amount of individual companies. Compensation for losses is calculated by applying the quarantine measures implementation period and correction rate to the average daily loss in the same month of this year compared to 2019, when there was no impact of COVID-19. In addition, when calculating the average daily loss, 100% of the ratio of labor and rental fees to sales is reflected in addition to the operating profit ratio, so that the compensation is thicker. The correction rate is 80%, not different for each ban on gatherings and restrictions on business hours. The amount of decrease in sales and operating profit margin necessary for calculating compensation will be objectively calculated using taxation data for each company. The upper limit of the quarterly compensation is 100 million won and the lower limit is 100,000 won. There is a store whose sales decreased from 2 million won to 1.5 million won in August of this year. The operating profit ratio of this store in 2019 was 10%, and the ratio of labor and rental fees to sales was 25%. In this case, the daily average loss is 175,000 won calculated as ‘sales difference (500,000 won) X [영업이익률(0.1) + 인건비·임대료 비중(0.25)]’. If this store has implemented quarantine measures for 28 days, the compensation for the loss is 3.92 million won, which is calculated as ‘175,000 won X 28 X correction rate (0.8)’. Minister of SMEs and Startups Kwon Chil-seung said, “The small business loss compensation system is meaningful in that it has prepared a predictable compensation system for small business owners who have implemented measures to ban gatherings and restrict business hours. By doing so, we will do our best to alleviate the difficulties of small business owners.”
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