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Lawmakers to pass US$ 31 billion extra budget to fund small biz relief payments Updated: 2022-05-29 13:15:48 KST

Tonight, the National Assembly is set to pass an extra budget to provide COVID-19 relief payments to small businesses.
The budget is worth some 39 trillion Korean won roughly 31 billion U.S. dollars which is up slighlty from the government's initial proposal.
The ruling People Power Party and the main opposition Democratic Party reached a last-minute agreement, both apparently trying to pass the bill ahead of the local elections coming up in three days.
The bill will provide small business owners with payments of between 6 and 10 million won each.
Also, in addition to individual business owners, registered companies with less than 2.4 million dollars in revenue are eligible to get compensation losses caused by the pandemic restrictions.
This is the first extra budget under the Yoon Suk-yeol administration and the eighth during the pandemic.
It's also the largest one ever passed.
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