On 15 May, the Government made two announcements related to the ICOB scheme:

1. Re-opening of ICOB Scheme Registration: The ICOB scheme registration process will be re-opened from 15 May to 29 May. This extension allows businesses that did not register by the 1 May deadline time to register.

2. Second Grant Payment for Retail and Hospitality Sectors: Businesses operating in the Hospitality and the Retail sectors are now eligible for a second grant payment of the same amount as the initial grant. For businesses already registered in these sectors, there is no need to re-register to avail of the second grant payment. You will receive another email when your second grant payment is processed.

To implement this decision, the business category initially requested for statistical analysis will now identify those businesses in the Hospitality and the Retail sectors. If you believe your business has been incorrectly classified under the wrong business type, from Monday 20 May, please log in to your MyCoCo account and amend your self-declared Business Type.


Increased Cost of Business (ICOB) Grant Scheme

Simon Coveney, the Minister for Enterprise, Trade and Employment, introduced an Increased Cost of Business (ICOB) grant as part of the 2024 Budget. 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.

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. Businesses with a 2023 rates bill for their property over €30,000 do not qualify for this grant.

For more information CLICK HERE