Grants of up to £5,000 are being offered to local authorities with up to £1,000 being made available to voluntary and charitable groups.
Applications can be made for up to 80% of the cost of the events between April and September.
The government’s official celebrations are due to be held during the jubilee bank holiday weekend in early June.
Those events include a Big Jubilee TT Rideout on Mad Sunday and the lighting of beacons across the island.
A government spokeswoman said the additional community events “must demonstrate a clear link” to the Queen’s 70-year reign to be eligible.
Applications for the one-off grants from the Platinum Jubilee Event Fund will be considered for celebrations including Big Jubilee Lunches, street parties, live music and entertainment, festival activities and specific exhibitions, she added.