Simon Coveney, the Minister for Enterprise, Trade and Employment, introduced an Increased Cost of Business (ICOB) grant as part of the 2024 Budget. This one-time grant, amounting to €257 million, will be disbursed to small and medium-sized businesses at the start of the second quarter of 2024.
This grant is intended as a one-time financial aid to help businesses with increased costs associated with running a business. It's important to note that this is not a waiver for commercial rates, and businesses are expected to continue paying their commercial rates as usual.
To be eligible for this grant, businesses must operate from a location that is commercially rateable by a local authority and must be compliant with their rates arrangements with their local authority.
The grant value for qualifying businesses is calculated based on 2023 rates bill for their property. Businesses with a 2023 rates bill for their property of up to €10,000 will receive a grant that equals half of their bill. For those with a 2023 rates bill for their property ranging from €10,000 to €30,000, a fixed grant of €5,000 will be provided. Businesses with a 2023 rates bill for their property over €30,000 do not qualify for this grant.
Click Here for the eligibility criteria and for more information.
