Reminder for Increased Cost of Business Grant Scheme

Deadline for application: 1st May 2024

A new fund launched in Budget 2024 called the Increased Cost of Business Grant Scheme (ICOB) to the amount of €257m, is to be paid to eligible businesses as a one-off grant payment to help businesses face rising costs. The deadline for registering for this grant is Wednesday 1st of May 2024. 

Details pertaining to the grant, regarding eligibility and the value of the grant are outlined below:

How much is the grant? The grant is based on the value of the Commercial Rates bill received by an eligible business in 2023.

• 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.

What businesses are eligible to receive the grant? The following are the main qualifying criteria:

• Your business must be a commercially trading business currently operating from a property that is commercially rateable.
• Your business must have been trading on 1 February 2024 and you must intend to continue trading for at least three months from the date you verify your information.
• You must provide confirmation of your bank details.
• Your business must be rates compliant. Businesses in performing payment plans may be deemed to be compliant.
• Your business must be tax compliant and must possess a valid Tax Registration Number (TRN).

Further details on this grant can be found by visiting your Local Authority website.