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(Seoul = Yonhap News) Reporter Da-hye Kim = As the novel coronavirus infection (Corona 19) situation is prolonged, self-employed people who have endured the’sales cliff’ even with loans are deepening.
The fixed costs of operating the store, such as rent, and the principle of loans are piled up, but the future is still uncertain.
On the 11th, in the online community mainly used by small business owners, there are postings that recently decided to close their business or inquire about loan repayment procedures after closure.
There are complaining that’I would get better after a while, but I would rather not take a loan and close it at that time’,’I couldn’t close my business because I didn’t have money to pay off the loan even if I couldn’t do business.
In response to the Corona 19 crisis, the government has supported small business owners by supplying new loans for small business owners and preparing guidelines for extending maturity and deferring interest in all financial sectors.
This is to prevent a healthy economic entity from leaving the business and becoming a defaulter due to an unexpected temporary variable called Corona 19.
However, as the Corona 19 crisis persists for nearly a year, self-employed people are not able to withstand such financial support.
There is no hole for money, but the burden of repaying principal and interest increases, so it is decided to close the business in the end.
The government and the financial sector are implementing measures to extend maturity and defer interest for small businesses and small businesses affected by Corona 19, but this applies only to loans received before March 31 last year.
Existing loans received without predicting the COVID-19 outbreak are subject to extension of maturity and interest deferred, but new loans from business operators to compensate for the sluggish sales after the occurrence of the variable called Corona 19 are not included.
Among the primary financial support for small businesses, only commercial bank secondary preservation loans, which were supplied from April 1 of last year, have a loan period of one year and will expire within a few months.
Until now, you only have to pay interest, but soon you will have to pay off the principal or switch to another loan with a higher interest rate.
It is difficult to apply for an extension of maturity or deferment of interest even when the repayment of principal and interest is overdue or when the business is closed.
Seong Tae-yoon, professor of economics at Yonsei University, said, “If business closure increases, there is a possibility that the loans for business and livelihoods borrowed by self-employed people with the intention of withstanding the early coronavirus will become dangerous (poor).” You also need to consider doing it.”
However, it is difficult to broaden the scope of application of the guidelines for maturity extension and interest deferment, considering aspects such as concerns about deferral insolvent deferrals and management of loan soundness, and that it is necessary to utilize debt adjustment programs as complementary measures.
If the debtor applies for expedited debt adjustment to the Credit Recovery Commission within 6 months of business closure and less than 30 days of delinquency, the repayment of principal and interest is deferred for 6 months and can be paid in installments for up to 10 years.
However, loans made through the issuance of a guarantee from a guarantor, such as a policy fund loan for small business owners, are delinquent for a certain period of time, so debt adjustments can only be made after the guarantor institution pays subrogation.
(Seoul = Yonhap News) Reporter Park Dong-joo = On the 27th of last month, a sale notice was posted at a store in an underground shopping mall near Myeong-dong, Seoul. [email protected]
The fact that self-employed people may have to pay off their loans at once when they close their business is a big burden.
This is because, in general, business loans are based on business operations, and are often recovered when business is closed according to loan conditions.
However, not all business loan products are recovered when business is closed, so it is recommended that small business owners considering closure of business check with their respective financial institutions.
Even for small business owners who suffered from Corona 19, the collection of loans may vary depending on the bank.
Regardless of the closure of business, some banks collect loans only when arrears occur, and some banks allow them to recover loans when they are closed, but with exceptions.
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2021/01/11 06:00 sent