News

Library of Knowledge No. 77

Increased Cost of Business Grant           

Important: Closing Date 1^st May 2024.

Don’t miss out on this once off grant payment due to eligible businesses. The submissions opened this week, and the closing date is 1^st May 2024.

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.

To apply see: https://www.mycoco.ie/icob