(Image: Yonhap News)
The government plans to provide 38.4 trillion won in financial support to households and companies struggling amid the pandemic.
The finance ministry revealed on Wednesday details about the support package that will be rolled out ahead of the Lunar New Year holiday in February.
Commercial and state-run banks will lend the funds, while state credit guarantee funds will provide 2.2 trillion won in loan guarantees.
Maturity for lending and loan guarantee totaling 10.1 trillion won will also be extended, according to the ministry.
Meanwhile, the government plans to offer 90 percent of its 9.3 trillion won emergency handouts to smaller merchants and business owners hit hard by COVID-19 before the major holiday.
It marks the third round of emergency relief payments in response to the new coronavirus outbreak, including the 14.3 trillion-won in stimulus checks that were doled out to all households last May.
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