SME Business Guide

Increased Cost of Business Grant

The government has announced that the Increased Cost of Business Grant has reopened. The final deadline for applications is May 29th 2024. The scheme was announced as part of Budget 2024 where the government allocated €257 million for the ICOB grant to support Irish SMEs. 

 

This grant is managed by local authorities with funding from the Department of Enterprise, Trade and Employment (DETE). Local authorities have informed rate payers about registration details.

 

Eligible businesses will receive a one-time grant payment based on their 2023 Commercial Rates bill. This grant is not a waiver of Commercial Rates, and businesses must continue to pay their Commercial Rates bill as usual. The grant aims to assist qualifying businesses in managing the rising costs they face. It is designed to provide support but is not intended to fully compensate for all increases in wages or other expenses for every business.

 

How much is the grant?

 

The grant amount is based on the value of the Commercial Rates bill received by an eligible business in 2023:

 

  • For businesses with a 2023 Commercial Rates bill of less than €10,000, the ICOB grant will cover 50% of the bill.

  • For businesses with a 2023 Commercial Rates bill between €10,000 and €30,000, the ICOB grant will be €5,000.

  • Businesses with a 2023 Commercial Rates bill exceeding €30,000 are not eligible for the ICOB grant.

 

What businesses are eligible to receive the grant?

 

The main qualifying criteria are:

 

  • The business must be commercially trading from a commercially rateable property.

  • The business must have been operating since February 1, 2024, and intend to continue trading for at least three months from the date of information verification.

  • The business must provide confirmation of bank details.

  • The business must be compliant with rates. Those on payment plans may also be considered compliant.

  • The business must be tax compliant and possess a valid Tax Registration Number (TRN).

 

Businesses in the retail and hospitality sectors are eligible to receive a second payment if they are already approved, and a double payment if they are newly registered.