Dáil Éireann Debate, Thursday - 18 April 2024
111. Deputy Mairéad Farrell asked the Minister for Enterprise, Trade and Employment to provide the most up-to-date information regarding the increased cost of business scheme; if the scheme is open for applications; and if he will make a statement on the matter. [16768/24]
Amharc ar fhreagraAs you are aware, 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), are administering the grant to qualifying businesses on behalf of the Department.
Local Authorities have written out to rate paying businesses with details of how to register for the grant and it is up to businesses to verify their details through the online portal.
Businesses are eligible for the grant if they comply with the following:
• The business is a commercially trading business operating directly within a premises that is commercially rateable by a Local Authority and intends to trade for a 3-month period following registration.
• 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.
The grant available to eligible businesses is as follows:
• 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.
The scheme is open for registrations since 14 March. The closing date for applications for the ICOB grant is 1 of May 2024. I would urge all eligible businesses to register for this grant as soon as they receive their letter from their Local Authority. The sooner a business registers the sooner their details will be verified and the grant will be paid out. Local Authorities will begin to send payments to eligible businesses from Monday next 22 April.
