As part of Budget 2025, the Government has announced a new €4,000 grant called Power Up to assist businesses in hospitality, retail and beauty sectors.
What is the eligibility for the Grant?
The main eligibility criteria are the same as for the Increased Cost of Business Scheme (ICOB):
- Your business must have received the ICOB grant.
- Your business must be a commercially trading entity, in hospitality or retail or beauty sector currently operating from a property that is commercial rateable.
- Your business must be trading at the time of submission and intend to continue trading for at least three months from the date of your submission (including those seasonally closing businesses who intend to reopen in Spring 2025).
- Your rates account must be up to date. Businesses on payment plans may be deemed compliant.
- Your business must be tax compliant and possess a valid Tax Registration Number.
How much is the grant?
Eligible businesses in the hospitality, retail, and beauty sectors that received two ICOB payments will receive a €4,000 grant.
What is the purpose of the grant?
The grant is available to qualifying businesses as a contribution towards the rising costs faced by businesses.
Who Processes and funds the Grant ?
The grant is administered by your local County Council. The Power Up grant is funded by the Department of Enterprise, Trade and Employment (DETE).
What is the closing date?
The deadline for businesses to confirm eligibility and upload verification details is November 8, 2024. The portal for this process will be accessible starting from October 24, 2024. Early registration is recommended.
Where can I find out further information?
Further information is available on your local authority website: mycoco.ie/powerup
How Can Xeinadin Help ?
If you want any assistance or want us to make the application on your behalf, please contact us.
