Grant available in Q1 2024
Increased Cost of Business (ICOB) grant
A welcome cash injection of up to €5,000 being provided to over 140,000 businesses in recognition of the costs faced by businesses across the country.
Key elements to be aware of:
Paperwork?
The scheme is readily accessible with no formal application process or paperwork and will benefit businesses in early 2024 when many businesses will need it the most.
How much will I get?
The grant is intended to be paid at a rate of half the enterprise’s commercial rates bill in 2023, for firms paying up to €10,000 in rates. For those paying between €10,000 and €30,000 in rates, they will receive a grant of €5,000. No grant will be available for firms paying more than €30,000.
Who will qualify?
A fund of €257 million has been created for the ICOB grant. This fund will reach 143,000 businesses which is 95% of all rateable businesses in all corners of Ireland.
The purpose of the grant
Many businesses in Ireland have seen an increase in their costs through a number of factors. This payment is not intended to compensate for all of the increased costs but the money will provide a welcome cash injection for many businesses.
To Calculate: Get your rates bill for 2023 and divide the amount by 2. Your grant will be up to a max of €5K.
Author..
Brenda Smith ACCA, Operations Director at Solve Outsource
Contact Email: john@solve.ie
