Covid-19, Financial Services, Good for Business, Latvia, Real Estate, Tourism

Between December 4 and 14, LIAA received 170 applications from hotels seeking crisis support. The total amount earmarked under this state support program is currently EUR 2,933,591, but support worth EUR 552,166 has been approved for 36 companies. 

The largest amount requested by hotels under this program is EUR 217,420 and the smallest EUR 473. 

The total financing available to hotels in the second round of the support program is EUR 4,794,464 and the deadline for applications is Friday, December 18. 

Under the regulation approved by the government, the hotels would receive EUR 4 per square meter in support to cover their operating costs. The support money will be made available also to tourist enterprises established after June 2019, which until now did not qualify for government support.

As reported, the government in November approved the Economics Ministry's proposal to earmark EUR 4.7 mln for Latvia's hotels to help them cover their operating costs, including staff wages, utility bills and various other payments.

It is expected that support could be provided to around 200 hotels across Latvia, which means that the average amount of the support would be EUR 23,731 per applicant.