Lee Young, Minister of SMEs and Startups, announced that the ministry is planning to compensate micro-businesses for pandemic losses starting from May 30, 2022.

The compensation for the micro-businesses, sized at 23 trillion KRW, is the newly inaugurated administration's utmost policy agenda for small shop owners to fully compensate for their direct and indirect losses from the pandemic containment measures that lasted for the past two years.

It is also in line with the government's top priority to support the complete recovery and a new leap forward of the micro-enterprises from the impact of the pandemic.