[Infostock Daily= Reporter Song Jeong-hoon] The Ministry of Justice will push for a revision of laws and regulations to expand the scope of the use of the simple rehabilitation system to support SMEs suffering from economic difficulties due to the new coronavirus infection (Corona 19 or COVID-19).
The Ministry of Justice announced on June 6 that it would expand the debt limit for the simple rehabilitation system from less than 3 billion won to less than 5 billion won.
The simplified rehabilitation system is designed to help small business earners recover quickly at a lower cost than the usual procedure; the period from application to authorization decision is relatively short, with an average of 180 days.
The Ministry of Justice explained that as of the last five years, if the debt limit increases, 48% of the total will be able to use simple rehabilitation.
Reorter Song Jeong-hoon boxr@infostock.co.kr
