Applications Open June 16 for Greek Tourism Enterprises Subsidy

Starting June 16, tourism enterprises impacted by the Covid-19 pandemic will be able to tap into a total of 420 million euros in working capital released by the Greek government to help them restart operations.

The support scheme announced earlier this month by Prime Minister Kyriakos Mitsotakis provides a wide range of tourism businesses, including hotels, accommodation and hospitality services, rooms to let, camp grounds, tour agencies, tourist bus and franchise services a working capital subsidy of up to 400,000 euros per tax payer (AFM).

As of June 16, business owners can submit their applications online here through to September 29.

The program is part of a wider plan aimed at facilitating access to liquidity for companies active in tourism ahead of the summer season. Applications will be evaluated on a first come first served basis

Conditions for Funding

Companies active in tourism must meet the following conditions:

– have started operations by December 31, 2020

– have at least one employee in the year 2019

– maintain double-entry bookkeeping

– submit VAT declaration

– posted at least a 30 percent decrease in turnover in 2020 against 2019

– apply for funding for one area of activity (KAD)

Working capital subsidies cannot go towards the creation of a new tourist facility and must only be used to address pandemic-created losses.

Companies approved will be awarded a total non-repayable grant in the form of working capital which can amount to a maximum of 5 percent and a minimum of 2.5 percent depending on area of activity (KAD) and annual turnover in 2019.