Increased Cost of Business Grant

As part of Budget 2024, the government signed off on a package of €257 million for the Increased Cost of Business (ICOB) Grant to support small and medium sized businesses. It is intended to contribute towards the risings costs faced by businesses. However, it is not a Commercial Rates waiver; businesses are still required to pay rates to their local authority.

What is the grant amount?

The grant amount is based on the value of the Commercial Rates bill received by an eligible business in 2023.

  1. 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.
  2. For qualifying businesses with a 2023 Commercial Rate bill of between €10,000 and €30,000, the ICOB grant will be €5,000.
  3. Businesses with a 2023 Commercial Rates bill of greater than €30,000 are not eligible to receive an ICOB grant.

Who is eligible for the ICOB Grant?

The following are the main qualifying criteria:

  • Commercial Rates Bill must be equal to or less than €30,000 in 2023.
  • Business must currently operate from a property that is commercially rateable.
  • Business must have been trading on 1 February 2024, and intend to continue trading for at least three months.
  • Business must be rates compliant, (businesses with approved performing payment plans may be deemed compliant).
  • Business must be tax compliant and possess a valid Tax Registration Number (TRN).
  • Business must provide confirmation of bank details.
  • If your business operated from a property subject to a Property Entry Levy (PEL) in 2023, you are eligible to receive the grant based on the annualised (grossed-up) value of the PEL bill issued for that property.

Who is not eligible for the ICOB Grant?

  • Public institutions and financial institutions (with exceptions for Credit Unions and specific post office services, excluding Company Post Offices).
  • Vacant properties.

How can I apply?

Businesses are encouraged to use the ICOB portal.

The closing date for businesses to confirm eligibility and to upload verification details will be 1 May 2024. Payments will commence in late April 2024.

If you require assistance with your application for this grant, please contact Carol Hartnett from our Accounting & Financial Advisory Department.