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The Czech government approved a new program of the Ministry of Industry and Trade, aiming to help entrepreneurs in the trade fair, meeting and event industries.

The state will provide an assistance of up to 60% of uncovered costs or 40% for entities with state’s, regional or local authority’s equity stake. Limit of the support per applicant is 20 million crowns (ca 776,500 EUR). Uncovered costs are understood as loss for the period of March to October 2020 reduced by other subsidies from programs such as COVID – Rent, COVID – Culture and the Antivirus Program.

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Photo Credit: Prague Convention Bureau

“As one of the most affected sectors, the trade fair and meeting industry receives special support. Through the COVID – Trade Fairs / Meetings Program, we will compensate up to 60% of uncovered costs. The expected support will amount to 600 million crowns (ca 23.3 million EUR),” says Deputy Prime Minister and Minister of Industry and Trade Karel Havlíček.

The aim of the program is to help companies doing business in the sector of trade fairs, meetings and related B2B events, which have seen a significant drop in turnover. Thus, it is an important step to maintaining the trade fair infrastructure, including related services. “Trade fair administrations, trade fair organizers, congress centre operators, meeting organizers and realisation, production or event agencies will be able to apply for support.” says Martina Tauberová, Deputy Minister of Industry and Trade for EU and Foreign Relations, adding: “The program is intended for entrepreneurs with a decrease in turnover of at least 30% for the period of March to October 2020 in comparison with the same period in 2019, who will substantiate their losses.”

The program will be open for applications as soon as it receives the European Commission’s notification. The Ministry of Industry and Trade assumes that it will publish a call with detailed information in February, and the program will be open for applications for at least one month. Based on the Ministry’s estimates, approximately 400 business entities will apply for help.