Government Steps Up with 560 Billion Won Emergency Support for Wemaep and Timon Crisis
On July 29, 2024, the South Korean government announced an emergency liquidity support plan amounting to 560 billion won for small businesses and SMEs affected by unpaid sales proceeds from Wemaep and Timon.
This emergency support aims to resolve liquidity issues for sellers and minimize consumer harm.
Key Points
- Emergency Liquidity Support: The government plans to provide a total of 560 billion won in liquidity to sellers who have not received their settlement payments. This support will be provided as emergency management funds through the Small and Medium Business Administration and the Small Business Corporation.
- Financial Sector Support: A new loan program with the Korea Credit Guarantee Fund and Industrial Bank of Korea will be established to supply over 300 billion won. Additionally, 60 billion won in interest subsidies will be provided for loans to tourism businesses. Extensions on existing loans and guarantees will also be considered.
- Tax Relief Expansion: The deadlines for income tax and VAT payments will be extended by up to nine months, with additional support for platform entry.
- Consumer Harm Relief: The Financial Supervisory Service and Korea Consumer Agency will operate dedicated complaint channels to ensure swift consumer redress.
Koo Young-bae, CEO of Qoo10, has pledged to mobilize all available resources, including personal assets and shares, to resolve the crisis.
However, the feasibility of this plan remains uncertain. Consumer damage is estimated at around 50 billion won, while unpaid seller payments could reach up to 1 trillion won.
Stay tuned for updates on the resolution process and future support measures.
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