Dáil Éireann Debate, Thursday - 22 February 2024
124. Deputy Joe Carey asked the Minister for Enterprise, Trade and Employment when the cost of business grant scheme will be open for applications; the length of time the application process is expected to take; and if he will make a statement on the matter. [8530/24]
View answerThe Increased Cost of Business (ICOB) grant, announced as part of the Budget 2024 package will be particularly targeted at Small and Medium sized businesses who operate from a rateable premises. It is important that I note that the ICOB is not a commercial rates waiver and firms should continue to pay their rates as normal.
The administration of the ICOB grant will be carried out by Local Authorities and it is intended that qualifying firms will begin to receive grant payments in the first quarter of this year. Service Level Agreements (SLA) between my Department and the Local Authorities have been finalised. These SLAs will underpin the operation of this scheme, covering the delivery, funding, and oversight arrangements for the grant scheme.
There is no requirement for a business to undergo a formal application process. The Local Authorities are expected to be in contact directly with eligible businesses to inform them about the grant payment and how to verify their eligibility. It is envisaged that a letter will be issued by a local authority to each eligible business in the coming weeks. The letter will contain instructions for businesses on how to verify their eligibility. The Local Authority will then make grant payments to the bank account of qualifying businesses in accordance with the scheme.
In order to qualify for the ICOB grant, a business is expected to satisfy a minimum of the following conditions:
• The business is a commercially trading business operating directly within a premises that is commercially rateable by a Local Authority.
• The business has provided confirmation of its bank details to the respective Local Authority.
• The business is rates compliant, including those businesses with a phased payment arrangement in-place.
• The business is tax compliant, and in possession of a valid Tax Registration Number.
Businesses will also be requested to confirm the number of employees for statistical purposes, but it is not a precondition for eligibility that a firm employ staff.
It is intended that Local Authorities will begin to issue letters shortly and it will then be up to businesses to choose to participate in the scheme, subject to the eligibility criteria.
