Increased Cost of Business Grant – Update
As you are aware, as part of the Budget 2024, the Government signed off on a package of €257m for the ICOB grant as a vital measure for small and medium businesses. The Local Authorities are currently administering the scheme on behalf of the Department of Enterprise, Trade and Employment.
Local Authorities are writing out to all rate payers with information on how to register for this scheme, this includes a customer ID and PIN to access the ICOB portal. Eligible businesses will receive a once-off grant payment. It is important to note, 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. The grant is as follows:
- For qualifying businesses with a 2023 Commercial Rate bill of <€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 grant scheme has been set up in this way so as to ensure that the scheme is accessible to smaller businesses. Eligibility for the grant will be assessed on the basis of a firm satisfying a minimum of the below 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.
Local Authorities will begin paying out the grant to businesses in the coming weeks and please note the closing date for businesses to register for the scheme is 1st May 2024. We would urge members to register for this scheme as soon as possible. For further information or any queries businesses you should contact your Local Authority.