Double payment for retail as ICOB grant deadline extended
Print22 May 2024
The retail and hospitality sector are set to benefit from a double Increased Cost of Business (ICOB) grant, according to RGDATA.
Approved businesses who have already received their initial grant payment are now entitled to a second payment, the retailers association added.
New registration in retail and hospitality who qualify will also receive a double payment worth up to €10,000.
2024 Budget
Simon Coveney, the Minister for Enterprise, Trade and Employment, announced the ICOB grant as part of the 2024 Budget, which was announced in October last year.
This one-time grant, amounting to €257 million, will be disbursed to small and medium-sized businesses at the start of the second quarter of 2024.
This grant is intended as a one-time financial aid to help businesses with increased costs associated with running a business.
It’s important to note that this is not a waiver for commercial rates, and businesses are expected to continue paying their commercial rates as usual.
Eligibility criteria
To be eligible for this grant, businesses must operate from a location that is commercially rateable by a local authority and must be compliant with their rates arrangements with their local authority.
The grant value for qualifying businesses is calculated based on 2023 rates bill for their property.
Businesses with a 2023 rates bill for their property of up to €10,000 will receive a grant that equals half of their bill.
For those with a 2023 rates bill for their property ranging from €10,000 to €30,000, a fixed grant of €5,000 will be provided.
Shops that paid over €30,000 commercial rates in 2023 do not qualify.
The last chance to register is 29 May 2024
Click here for the eligibility criteria and for more information.
Read more: Increased Cost of Business Grant Scheme applications now open
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