Budget 2024 provided €257M for an Increased Cost of Business (ICOB) grant.
Eligible businesses will receive a once-off grant payment based on the value of the 2023 commercial rates bill for the property a business occupies. It is not a commercial rates waiver and businesses should continue to pay their commercial rates bill as normal.
The main eligibility criteria are:
- A business must be a commercially trading business currently operating from a property that is commercially rateable.
- A business must have been trading on 1st February 2024 and must intend to continue trading for at least three months from the date information is submitted.
- The business rates account must be up to date but businesses in performing payment plans may be deemed to be compliant.
- A business must be tax compliant and hold a valid Tax Registration number.
The grant is based on the value of the commercial rates bill received by an eligible business in 2023:
- If the 2023 bill is less than €10,000 the grant will be paid at 50% of the bill for 2023.
- If the 2023 bill is between €10,000 and €30,000 the grant will be €5,000.
- Businesses occupying a rateable property with a 2023 bill greater than €30,000 are not eligible.
To register for the grant businesses can use the ICOB portal mycoco.ie/icob
The deadline for businesses to confirm eligibility and upload verification details is 1st May 2024.