The decision was unveiled during an economic ministers' meeting held to discuss measures to address the ongoing crisis.
The government estimates the total amount of overdue payments at 818.8 billion won.
The support measures include low-interest loans, extended loan maturities and prompt refunds for consumers who made purchases on the affected platforms.
The Small Enterprise & Market Service and the Korea SMEs and Startups Agency will each provide 170 billion won and 100 billion won, respectively, in loan support for the impacted businesses.
In addition to financial aid, the government is offering tax relief measures. The National Tax Service has already processed early value-added tax refunds totaling 61.1 billion won as of Aug. 14.
The support package also includes employment assistance and the operation of a task force to handle potential large-scale job losses resulting from the crisis.
The government further announced plans to draft legislation by the end of August to prevent similar incidents in the future.
The proposed reforms include legally mandating settlement cycles and requiring separate management of payment funds in e-commerce transactions.
The government also pledged to expedite tax refunds, extend payment deadlines and suspend tax investigations and asset seizures for the impacted businesses.
The Ministry of Employment and Labor will operate a task force to provide employment support, including wage subsidies and emergency livelihood loans, for workers affected by the payment delays.
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