6 out of 10 small business owners “contemplating suspension or closure”

A close-up of a store in Mapo-gu, Seoul. yunhap news

With the re-spread of COVID-19 and social distancing steps being raised, 6 out of 10 small business owners are contemplating closing or closing their business.

The Korea Federation of Small and Medium Enterprises announced on the 18th that this was the result of the ‘Emergency Small Business Survey Due to the 4th Pandemic of Corona 19’ conducted on the 12th and 15th for 300 small business owners, including 150 lodging workers and 150 restaurant workers.

In this survey, 162 small business owners located in the metropolitan area and 138 small business owners located in provincial areas participated. As a result of the survey, 33.3% of small business owners said they were thinking about closing or closing their business due to difficulties in business due to the recent increase in social distancing. 24.0% of the respondents said they were seriously considering it. In all, 57.3% of small business owners are considering closures or closures.

67.3% of small businesses located in the metropolitan area where social distancing is applied, expected their sales to decrease by more than 40% in July and August of this year than initially expected. 34% said that it would decrease by more than 60%, and 33.3% said that it would decrease by more than 40% and less than 60%. For small business owners located in rural areas, if the current distance is raised by one stage, 42.8% of them expected their sales to decrease by more than 20% and less than 40% compared to their expectations in July-August, and 27.5% said that they would decrease by more than 40% and less than 60%. .

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