The Tourism Accommodation Upgrade Project (TAUP) incentive has been extended by the government for three years, from October 1 of this year to September 30, 2023.
In a release issued on Friday, Minister of Tourism Randall Mitchell said adequate funds will be allocated for the first year, 2020-2021.
He said the project was another example of the government's trying to do more to assist accommodation providers during "this very challenging period.”
The statement said after the government received recommendations from stakeholders during consultations on the review of state tourism incentives, the ministry decided to extend the project.
It explained that TAUP provides a reimbursable grant for upgrades approved tourism accommodation facilities.
The project categorises properties into those offering 1-5 guest rooms and those offering 6-150.
Those in the 1-5 category can access reimbursements up to a maximum of 40 per cent while the 6-150 category can access reimbursements of up to 50 per cent.
Properties with 1-5 rooms can access a maximum of $150,000 per property over the three years and those in the 6-150 category are allowed a maximum reimbursement of $1,500,000 per property.
Properties in Trinidad are eligible for a maximum of $25,000 per guest room, and in Tobago a maximum of $30,000 per room.
The statement also said applicants who are receiving funds for upgrades from any other arm of the government will not be eligible.
But it added, “An exception to that requirement was made with respect to applicants in receipt of the Tobago Accommodation Relief Grant 2020.”