Incentives for small business owners to re-challenge themselves after closing their businesses.

The Korean government is trying to provide incentives for small business owners to re-challenge themselves after closing their businesses. This is a way to support small businesses and help them stay afloat during tough times.

Re-challenge incentives of 1 million won will be provided for 50,000 closed stores.

The target of support is small business owners who closed their businesses during the period from December 17th last year to May 31st this year and operated for more than 90 days before closing their businesses.

Even if one person closes more than twice, it will be paid only once.
In order to minimize confusion caused by simultaneous access, applications are received sequentially according to the opening year.

In the case of a joint representative operating business, only one representative who has submitted a power of attorney of another joint representative can receive an incentive to re-challenge a closed store.

It must maintain its business for more than 90 days before closing and have reported sales, and receive five hours of online training to comeback and rise again from the Small Business Market Promotion Foundation.

You have to prove that you have lived  hard until the end of the business, and you can receive 1 million won from the Korean government only if you show that you are willing to make a comeback.