As part of Budget 2024, the government signed off on a package of €257 million for the Increased Cost of Business (ICOB) grant as a vital measure for small and medium businesses. Local authorities, funded through the Department of Enterprise, Trade and Employment (DETE), will manage the rollout of the grant to qualifying businesses.
Local authorities have written to rate payers with details of registration.
Eligibility
Eligible businesses will receive a once-off grant payment as a contribution towards the rising costs faced by businesses. It is not a Commercial Rates waiver and businesses should continue to pay their Commercial Rates bill as normal.
The grant is based on the value of the Commercial Rates bill received by an eligible business in 2023.
For qualifying businesses with a 2023 Commercial Rate bill of less than €10,000, the ICOB grant will be paid at a rate of 50% of the business’s Commercial Rate bill for 2023.
For qualifying businesses with a 2023 Commercial Rate bill of between €10,000 and €30,000, the ICOB grant will be €5,000.
Businesses with a 2023 Commercial Rates bill greater than €30,000 are not eligible to receive an ICOB grant.
Registration
The online system to manage applications for the grant is open (details on local authority letter). The closing date for businesses to confirm eligibility and upload verification details is 1 May 2024.
Comments