Revenue Loss Grants

Who is this for?

The grant is intended for the many businesses that have been affected by restrictions related to infection-prevention measures but have not been forced to close entirely. The objective is to support companies that have been subjected to more than 40% revenue loss because of the pandemic from April 1 to October 31, 2020. The grant is paid once for the seven month period from April throughout October 2020.

A grant intended especially for smaller businesses as well as self-employed individuals, e.g., cultural or tourism-based operations. Iceland Revenue & Customs administers these grants.

Main criteria:

• The grant amount is determined by operational costs and loss of revenue

• Companies who sustain between 40–70% loss of revenue may be eligible for a monthly grant of ISK 400,000 for each full-time equivalent

• If loss of revenue is between 70–100% the grant may increase to ISK 500,000 for
  each full-time equivalent

• The maximum monthly grant amount per company is ISK 2–2.5 million

Where do I apply?

Applications for revenue loss grants are submitted to Iceland Revenue & Customs.