Tourism companies may be able to receive a grant of up to 21.6 million ISK each, if the Minister of Finance and Economic Affairs’ bill is passed, according to a report on RUV.
Smaller tourism operators, guides and others will be able to apply for the grant after losing out on income due to the COVID-19 pandemic. The bill has been approved by the government and is now up for discussion in Parliament.
In an announcement from the Ministry of Employment and Innovation, it was stated that the grants will be equivalent to operating costs in the period April 1 2020 to September 30 2020 (including calculated remuneration). The maximum grant to each company amounts to ISK 1.2 million per month for 18 months.
If the bill is passed, operators must meet the following conditions in order to be eligible:
To have experienced at least a 50% drop in income during the period April 1 to September 30.
A maximum of three employees work for the operator.
Applicants also need to demonstrate, in documentation, that they are paying all of their obligatory taxes and public fees.
If all tourism companies meet these criteria and make use of the grants, the total income loss subsidies will add up to around 3.5 billion ISK.
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