Application for Burden Reduction Credit 2 Million Cases... Credit of 603.3 Billion Won Paid

[Financial News] The Ministry of SMEs and Startups announced on the 27th that the number of applications for the 'Burden Reduction Credit' support project surpassed 2 million cases in just two weeks. Of the 3.11 million eligible applicants, about 69.1% have completed their applications.
According to the Ministry of SMEs, since the full implementation of the Burden Reduction Credit on the 14th, there have been 215 applications, 154 selections of eligible applicants, and 603.3 billion won in credit has been paid.
The Burden Reduction Credit is a project that provides up to 500,000 won in credit for small business owners with annual sales of less than 300 million won to use for utility bills such as electricity, gas, and water, as well as for the payment of four major insurance premiums, to alleviate the burden of fixed costs. It was organized with a total of 1.566 trillion won through the first supplementary budget and can be applied for online until November 28. The deadline for use is December 31.
In the field, reviews from small business owners who have actually used the credit continue. Mr. A said, "I was selected as an eligible applicant for the Burden Reduction Credit and paid the electricity bill through the KEPCO ON app, the city gas bill through the Samchully City Gas website, and the water bill through the Mobile Giro app with a card," adding, "I received a notification that the credit was deducted after payment."
Mr. B said, "I applied on the 16th, the first week of the application, according to the last digit of my business registration number, which was the 5-day system reference date, and received a notification of selection as an eligible applicant on the 19th, after which I paid the health insurance premium with a card." Initially, the government aimed for a processing period of 7 days from application to credit payment, but in reality, the credit was paid quickly in just 3 days.
Once selected as an eligible applicant for credit support and card registration is completed, the credit is automatically deducted when paying utility bills and insurance premiums.
From August 1, when tax data is finalized, new business owners and prepaid card applicants can also apply. 
Choi Won-young, Director of the Small Business Policy Office, said, "As many small business owners are participating in the application in a short period, we will ensure system management and call center operations to prevent any disruptions in use," adding, "As the three major support projects for small businesses, including the Burden Reduction Credit, Biz Plus Card, and delivery and courier fee support, are being implemented, we hope that small business owners who meet the eligibility requirements will apply for all three projects to enjoy the benefits."
stand@fnnews.com Seo Ji-yoon Reporter