Small businesses in Ireland can now claim grants of up to €5,000 offset against their rates as part of measures to counter rising operational costs.
The government announced a €247m relief package as part of the last budget. The Increased Cost of Business (ICOB) grant is a one-off measure available to businesses occupying rateable properties.
The grant is calculated on the value of the Commercial Rates bill paid by the business in 2023, as follows:
- If your rates bill in 2023 was less than €10,000, the grant will be paid at 50% of the total.
- If your rates bill was between €10,000 and €30,000, you will receive the maximum grant of €5,000.
- If your rates bill last year was more than €30,000, you are not eligible for the grant.
Eligibility criteria
It is expected that the grant will benefit more than 140,000 small businesses in Ireland. As well as the rates value cap of €30,000, other eligibility criteria include the specification that your business must have been trading from a commercially rateable property on 1st February 2024. You must also confirm intention to continue trading from that property for a minimum of three months from the date you submit your claim.
The grant will only to paid to businesses whose rates payments are up to date. Businesses that are in arrears may be accepted if they have agreed a payment plan. But this will be determined on a case by case basis.
Businesses must also be tax compliant and must submit a valid Tax Registration Number (TRN) as part of their application.
How do I claim the grant?
The ICOB grant is being administered by the Department of Enterprise, Trade and Employment via local authorities. You should receive a letter from the Department providing you with a customer number and PIN number. This is to access a dedicated application portal at mycoco.ie/icob.
The portal opened on 14th March. Businesses have until 1st May to submit their applications and demonstrate eligibility.
As well as a customer number and PIN, applicants will need to provide information including:
- Your legal business name, full property address, email address and contact number
- Your business type and number of employees
- The LAID number available on your Rate Bill
- A bank statement header from the last three months which shows your bank account details
- Your TRN.
You must also self-declare that the property is not vacant, that your business is tax-compliant and was commercially trading on 1st February, and confirm your intention to continue trading for at least three months from the date of the application.
Applications will be processed by your local authority, with the first payments expected to be made in April.
If you have not received a letter with your customer number or PIN, or if you have any questions or issues regarding your application, you should contact your local authority.
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