Restart of Tourism

A new action, with a budget of 350 million euros, for the provision of working capital to tourism companies in order to purchase raw materials for the first 2-3 months of restarting their operation, implements the  Ministry of Development and Investment .

The action is financed through the Operational Program "Competitiveness-Entrepreneurship-Innovation" (EPANEK) of the NSRF 2021 - 2027 and concerns companies, small and medium and large, which have the main KAD or KAD with the highest tourism revenues.  Franchise companies are also included, provided that certain regulatory criteria of the NSRF are met.

The amount of aid amounts to 5% of the turnover for accommodation and 2.5% for other tourism companies on the turnover of the main restaurant KAD or KAD with the highest revenues of 2019.

For companies set up in 2019 or 2020 the amount of aid is defined as follows: [(turnover 2019 or 2020) / number of operating days] * 365 * 7%.

The maximum amount of aid is set at 400,000 euros per VAT and is not allowed.

The criteria for joining the action are:

A) Reduction of annual turnover 2020 in relation to 2019 greater than or equal to 30%.​

B) To employ staff equal to at least 1 unit of paid work (EME) in 2019

B) For companies established in 2019 for the fall in turnover is calculated an equal number of operating days.​

C) Established within 2020, they automatically enter into action.​

D) Businesses that were under construction in 2019 and started to have revenue in 2020 are treated as       established in 2020.​

E) Catering companies that are obliged to submit periodic VAT returns.

  The start of applications will start within a few days and will last until 30/09/2021. 

The evaluation will be immediate and the disbursement of the grant will take place immediately after the application and approval of the application.  

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Businesses must spend the grant until 31-12-2021.

The audit will be based on periodic VAT returns and declared expenses.

Please note that:

A) The amount of aid to be granted by the action should not exceed 70% of the sum of the amounts of Codes 361, 363 and 364 of the form of periodic VAT returns for the year 2021.

B) The sum of the amount of public funding from this action, the amount of public funding in the framework of business support actions affected by the pandemic COVID-19 of the Regional Operational Programs of the NSRF in the form of a grant, can not exceeds 100% of the sum of the amounts listed in Code 367 of the form of periodic VAT returns for the year 2021.

In case either (A) or / or (B) applies then the amount of public funding for this action is charged as unduly paid and reimbursed by the recipient of the aid.

Due to its inclusion in the temporary EU state aid framework, as a pandemic action, it will also be approved by the European Commission.