Democratic Party bastards, stop acting like idiots

So, all it takes is holding on?… 'COVID-19 Debt Forgiveness' for small business owners
Herald Economy Original Article Transmission 2026-08-31

Mr. Kim (42), who operated a bar, was unable to withstand the COVID-19 pandemic and closed his business in 2022. While running his shop, Mr. Kim also worked in delivery and even drove designated drivers on weekends, eventually paying off a 20 million won loan over approximately three years. Mr. Kim said, “At the time, many people around me said, ‘Why bother paying it back like that? If things get hard, the government will eventually forgive it,’ but I believed I had to keep my promises,” adding, “The thing I hate hearing most these days is, ‘See, I told you that if you just held on, it would work out.’”
On the 28th, the government announced a ‘Support Plan for Vulnerable Borrowers in Preparation for Rising Interest Rates,’ deciding to write off or adjust the long-term overdue debts of self-employed individuals and small business owners affected by COVID-19 starting next year. The targets are unsecured loans held by financial institutions and public agencies for COVID-affected small business owners that became overdue before June 2023 and have remained unpaid until now.
The core targets are long-term delinquents who have not made normal repayments for over three years. Out of the 358.7 trillion won in individual business loans during the COVID-19 period, the current unpaid balance is 154.7 trillion won, of which 6.3 trillion won is overdue by three months or more.
The sense of deprivation among diligent repayers is palpable. One self-employed individual said, “I felt hollow because I tried to pay it back with my own strength by paying a certain amount every month over five years without defaulting, only for this to happen,” adding, “I feel like a fool for working to pay off debts even at the moment my parents were hovering between life and death.” Another small business owner lamented, “It is right to help those in difficulty, but the problem is that the structure becomes one that most people exploit,” saying, “I paid off four loans without any delinquency and am still paying off two others, and I regret it.”
Some suggest an alternative: instead of eliminating the principal, significantly lowering interest rates and extending the repayment period so that people can pay it back to the end. One small business owner said, “I think it is right to have people pay back the principal to the end, even if the repayment period is extended to five years or longer and the interest rate is lowered to the minimum level.”
The government plans to finalize specific criteria, such as the targets for debt adjustment and the level of reduction, during the fourth quarter of this year. The policy's acceptance will likely depend on how well it can help long-term delinquents recover while simultaneously reducing the sense of deprivation among diligent repayers and small business owners who have already chosen closure or rehabilitation.
Hong Seok-hee hong@heraldcorp.com, Kim Seo-hyun snsd@heraldcorp.com

Writing off debts for long-term delinquent small business owners? Debt reduction? Why are they doing that?
Then what happens to the people who suffered to the point of death and faithfully paid back their debts?