Citizens wait to receive virus tests at a medical center in Seoul on July 16, 2020. (Yonhap)
SEOUL, July 28 (Korea Bizwire) — The government has launched a new initiative to offer compensation to the businesses that suffered losses after being forced to shut down for prevention and disinfection of the coronavirus.
The type of businesses that are eligible for government compensation include medical institutions, drug stores and general stores.
The Ministry of Health and Welfare’s central disaster management headquarters announced that it will start receiving applications for compensation for losses caused by the coronavirus.
The applications can be submitted to municipal governments nationwide starting from Monday.
The compensation will be offered to those who complied with central or municipal governments’ measures, including business shutdown, suspension, and disinfection under the Law on Prevention and Management of Infectious Diseases.
Those who shut down or suspended operations due to contact with coronavirus patients can apply for compensation if they suffered losses after carrying out the disinfection measures.
To apply for compensation, the businesses concerned should submit proof of their losses as well as the loss compensation application form to their municipal government.
Drug stores and general stores should also submit earnings verification data certified by the National Tax Service.
Medical institutions, however, don’t have to submit earnings verification data since data from the Health Insurance Review and Assessment Service can be used instead.
The compensation for the losses caused by the outbreak of the coronavirus will be disbursed starting from next month at the earliest.
The government set aside a total of 700 billion won (US$585 million), including a 350 billion won reserve fund and 350 billion won in a revised supplementary budget to provide the compensation.
Ashley Song (ashley@koreabizwire.com)
