The Way to Recover Our Economy: Emergency Disaster Relief Fund
The Way to Recover Our Economy: Emergency Disaster Relief Fund
  • Kim Eun-ji repotrer
  • 승인 2020.06.08 17:42
  • 댓글 0
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 Recently, COVID-19 has become a pandemic. It has stopped not only our society but also the world and paralyzed the economy. As people’s consumption decreased, the economy began to stagnate, and the number of people suffering massive damage began to increase. To overcome the COVID-19 crisis, the Korean government figured out the way. They decided to support the Emergency Disaster Relief Fund temporarily to citizens. The aim of it is to stabilize people’s lives and restore the economy.


 The Emergency Disaster Relief Fund targets all Korean citizens regardless of their income or property. The amount per household will be paid differently depending on the number of household members and whether the local government has already supported some money. There are three possible ways to receive the supporting fund. First, if the entire household is eligible for a basic or disability pension, you can receive it in cash. Second, you can receive a prepaid card or a community love gift card. Third, you can add the available amount to your credit or debit card. All types should be spent by August 31. After that, any unused credit will be deducted without any refund. If you donate the support money, you will get some benefits accordingly.


 The use of the Emergency Disaster Relief Fund is limited because it is a measure to help people’s lives and revitalize the economy of small business owners. It cannot be used for large malls, department stores, online e-commerce, entertainment or leisure industries, fares, or taxes. However, it can be used in various places, including traditional markets, restaurants, gas stations, hospitals, pharmacies, hair salons, etc.


 What is the reason for limiting the use of money to limited places? Some people complain that it is inconvenient to spend money only in limited locations. What they want is to spend money freely without any kind of limit. But it shouldn’t be like that. If that happens, it won't match the government’s aim to revive and help small business owners. Small business owners are suffering considerable damage due to COVID-19. They are going through difficult times, and some are even driven into bankruptcy. What we have to do is understand the meaning of the Emergency Disaster Relief Fund correctly and spend it wisely, hoping our economy will recover soon.

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