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In a recent announcement, Minister for Enterprise, Trade, and Employment Simon Coveney revealed significant support for businesses facing increased costs through the Increased Cost of Business (ICOB) grant. This financial boost, totalling €257 million, is a crucial initiative outlined in Budget 2024. As a leading accountancy firm, we understand the challenges businesses face, and we are here to assist. Our expert guidance and support ensure your business thrives in these challenging times, offering tailored financial solutions.
Understanding the ICOB Grant Scheme
The ICOB grant aims to alleviate the financial strain experienced by businesses due to various factors leading to rising costs. This grant stands out for its inclusivity, reaching 95% of all rateable businesses across Ireland. Minister Coveney emphasised that while the grant will not cover all increased costs, it provides a valuable injection of cash for businesses in need.
Grant Distribution Details
In summary, businesses in Ireland paying up to €10,000 in rates will receive a grant equivalent to half of their 2023 rates bill. For those with rates ranging between €10,000 and €30,000, a fixed grant of €5,000 will be provided. Unfortunately, no grant will be available for businesses with rates exceeding €30,000. This tiered approach ensures that the grant is tailored to the specific needs of businesses based on their rate contributions.
Timing of Grants and Administrative Simplicity
The distribution of grants is scheduled for Quarter 1 of the upcoming year, offering timely financial relief to businesses. Minister of State for Business, Employment, and Retail, Neale Richmond, highlighted the government’s commitment to supporting small and medium enterprises (SMEs), acknowledging them as integral components of local communities. Read the full article published by gov.ie.
The Council will write to businesses requesting confirmation of continued trading, tax compliance, and bank details for payment of the grant.
Implications for Small Businesses
The ICOB grant particularly targets small and medium businesses, acknowledging their vital role in local communities. This targeted approach reflects the government’s consistent support for businesses over the years, demonstrating a commitment to their long-term viability.
To learn more about other Irish business grants for startups and small businesses, click here.
At Cronin & Co, we understand the challenges businesses face, and we are here to assist. As your trusted financial partner, we provide expert guidance and support to ensure your business thrives. For more information on financial planning, tax compliance, and online accounting services, visit our website today.
In these challenging times, the Increased Cost of Business Grant Scheme serves as a lifeline for businesses, and we are here to help you navigate the financial landscape effectively.