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.
The grant will be targeted at small and medium businesses operating directly within a premises that is commercially rateable by a local authority. It is a once-off grant aid provision.
Local authorities are currently writing to rate payers with details of registration.
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.
- Your business must be a commercially trading business currently operating from a property that is commercially rateable and in receipt of a Rates Bill in 2024.
- The business must be compliant with their rates arrangements with their local authority.
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.
Applications
The online system to manage the online application for the grant is now open (details on local authority letter) and the closing date for businesses to confirm eligibility and upload verification details is 1 May 2024.
Businesses can use the ICOB portal to register. You will need your Customer Number and PIN which should be in the local authority letter and also the LAID number which is available on your Rates Bill.
A Tax Clearance Certificate may be requested depending on the value of the grant.
For more information visit https://icob.ie/
Frequently asked questions are available on ICOB_FAQ.pdf (mycoco.ie)