Dáil Éireann Debate, Wednesday - 18 October 2023
130. Deputy Louise O'Reilly asked the Minister for Enterprise, Trade and Employment the composite details of the €250 million increased cost of the business scheme; how will it be allocated; who will benefit; the specific criteria of the scheme; and if he does not have these details, when businesses can expect to be provided with them. [45598/23]
View answer140. Deputy Patricia Ryan asked the Minister for Enterprise, Trade and Employment the details and eligibility criteria of the new small businesses energy support scheme as announced in Budget 2024. [45711/23]
View answerI propose to take Questions Nos. 130 and 140 together.
The Increased Cost of Business Grant (ICOB) was announced as part of Budget 2024 and will be targeted at Small and Medium sized businesses which operate from a rateable premises. Funding of €250 million will be provided to meet the cost of the grant which will be paid out to businesses through local authorities in the first quarter of next year. It is intended to be paid at a rate of up to half the enterprise’s commercial rates bill, subject to a prescribed limit. The ICOB grant is aimed at providing support to firms but is not intended to directly compensate for all increases in wages, or other costs, for every business.
It is important that I clarify that the scheme is a once-off grant provision and is not specifically an energy support scheme nor is it intended to specifically offset any other costs of doing business. Neither does it constitute a form of commercial rates waiver such as those available from 2020 to 2022. Rate-payers remain liable for their commercial rates in 2023 but those meeting the eligibility criteria will receive an ICOB grant in early-2024. It is also not intended to benefit multinational or larger firms.
The technical details underpinning the scheme and the mechanism for delivering the payment are currently being developed. My Department will work together with the Department of Housing, Local Government and heritage as well as the Local Authorities to finalise the details of the grant in the coming weeks.
