Small Business Owners In Financial Difficulty
Small Business Owners In Financial Difficulty
  • Jo Ye-bin
  • 승인 2021.06.18 15:41
  • 댓글 0
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Inside an empty restaurant (Provided by Ministry of Economy and Finance)
Inside an empty restaurant (Provided by Ministry of Economy and Finance)

  As the number of COVID-19 infections increased, the government raised social distancing regulations to the second level. Moreover, the government implemented business operations restrictions after 9 pm and prohibited gatherings of more than five people. Thanks to these policies, the number of Covid-19 infections has decreased, but small business owners still suffer from severe economic difficulties.
  On February 13, Daegu and Gyeongsangbuk-do are at social distancing level 1.5. Private gatherings of more than five people are still banned, but the restrictions on hours of operation of multi-use facilities such as restaurants, cafes, indoor sports facilities, and singing practice halls have been removed. Nevertheless, small business owners are still struggling. They suffer from mounting rents, labor costs, taxes, utility bills, and income cuts. These are putting them in difficult situations facing such decisions as whether or not to close their businesses or sell properties without premium. They are demanding compensation for the damages and begging for proper support measures. The Korea Federation of Micro Enterprise demanded that the affected industries be compensated retroactively based on sales losses. Small businesses should be given support measures such as tax and rent reduction or interest-free loans. 
  Then how about the situation of small business owners around Yeungnam University? They have the same problems. As customers decreased, store sales also fell. They have many problems to deal with, such as loan interest and labor costs, and their family’s livelihood. They say that practical measures are needed, not inadequate compensation, amid economic difficulties that seem never to end.

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