The ruling People Power Party(PPP) and the government agreed to pay at least six million won to each of three-point-seven million small business owners and the self-employed in COVID-19 relief grants.
Following the first such meeting under the new Yoon Suk Yeol administration on Wednesday, PPP floor leader Kweon Seong-dong said at least six million won will be given out regardless of whether the businesses suffered losses.
The two sides agreed to raise the correction factor of compensation from the current 90 percent to 100 percent, as well as the quarterly threshold from 500-thousand to one million won.
A temporary payout ranging from 750-thousand to one million won will be handed out to two-point-25 million low-income households.
The second round of extra budget to finance COVID-19 expenses and stabilize consumer prices is expected to total 33 trillion won or more, which, combined with the previous round, will surpass 50 trillion won.
The government will submit the budget plan to the National Assembly on Friday after securing Cabinet approval on Thursday.