Sorca Clarke
Question:7. Deputy Sorca Clarke asked the Minister for Enterprise, Trade and Employment to provide information on how the increased cost of business scheme announced in Budget 2024 will operate. [51134/23]
View answerThursday, 23 November 2023
Questions (7, 66)
Pádraig O'Sullivan
Question:66. Deputy Pádraig O'Sullivan asked the Minister for Enterprise, Trade and Employment when the increased cost of business grant will be operational; and if he will make a statement on the matter. [51374/23]
View answerWritten answers
I propose to take Questions Nos. 7 and 66 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 who operate from a rateable premises. Firms who do not have a rateable premises are not within the scope of this scheme. The total allocation for this scheme is €250m.
It is important that I be clear that this scheme is a once-off grant aid provision and not a commercial rates waiver. It will have no bearing on the commercial rates paid by firms. Firms should continue to pay their commercial rates as normal.
The grant is intended to be paid at a rate of up to half the enterprise’s commercial rates bill, subject to a prescribed limit and the grant will be based on the commercial rates that firms were billed in 2023. The grant is intended to aid firms but is not intended to directly compensate for all increases in wages, or other costs, for every business. The grant will be paid through local authorities and will be paid in the first quarter of next year.
My Department will work with the Department of Housing, Local Government and Heritage and the Local Authorities to finalise the details of the grant and I am planning to bring a Memo forward in due course.