LAST CHANCE TO REGISTER
Increased Cost of Business (ICOB) has re-opened with a closing date of 29 May 2024
- If you are in rate arrears engage with your local authority as you may be eligible for the grant
- If you do not have your ID or PIN number contact your local authority
- Retail and hospitality businesses are now entitled to a second payment for approved businesses and a double payment for new registrations
Overview
As part of Budget 2024, the government signed off on a package of €257 million for the Increased Cost of Business (ICOB) grant as a vital measure for small and medium businesses. Local authorities, funded through the Department of Enterprise, Trade and Employment (DETE), will manage the rollout of the grant to qualifying businesses.
Local authorities have written to rate payers with details of registration.
If you do not have your ID and PIN number you should contact your rates section in your local authority as soon as possible.
Eligibility
Eligible businesses will receive a once-off grant payment as a contribution towards the rising costs faced by businesses. It is not a Commercial Rates waiver and businesses should continue to pay their Commercial Rates bill as normal.
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 less than €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.
Businesses in the retail and hospitality sectors are entitled to a second payment for approved businesses and a double payment for new registrations.
Registration
The closing date is now 29 May 2024. REGISTER NOW on icob.ie.