The Government allocated €257 million for the Increased Cost of Business Grant (ICOB) to support small and medium businesses.
The grant amount depends on the 2023 Commercial Rates bill. Eligible businesses must meet criteria including trading status, tax compliance, and property details. Registration is done through the ICOB portal, with a deadline of May 1, 2024. Grants will be processed starting late April, 2024, and appeals can be made within 7 days of notification.
What is an ICOB grant?
As a vital initiative for small and medium-sized businesses, the Government has allocated €257 million for the Increased Cost of Business Grant (ICOB) in Budget 2024. Local Authorities, funded by the Department of Enterprise, Trade, and Employment (DETE), will oversee the distribution of the grant to eligible businesses. This grant serves as support for businesses facing escalating costs and is intended as a contribution. It's important to note that this grant is not a rates waiver, and businesses are still required to pay rates to their Local Authority.
What is the grant amount?
The grant amount depends on the value of the Commercial Rates bill received by an eligible business in 2023.
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For qualifying businesses with a 2023 Commercial Rate bill of <€10,000, the ICOB grant will be paid at a rate of 50% of the business’s Commercial Rate bill for 2023.
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For qualifying businesses with a 2023 Commercial Rate bill of between €10,000 and €30,000, the ICOB grant will be €5,000.
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Businesses with a 2023 Commercial Rates bill greater than €30,000 are not eligible to receive an ICOB grant.
Eligibility criteria for the grant
To qualify for the grant, you need to meet the following criteria:
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Commercial Rates Bill must be ≤ €30,000 in 2023
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Business must operate from a commercially rateable property
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Exclusions: Public and financial institutions (exceptions apply)
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Business must have traded by Feb 1, 2024, and intend to continue for 3 months
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Rates and tax compliance required
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Property Entry Levy eligibility based on 2023 bill
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Vacant properties are not eligible.
Please be aware that your local authority reserves the right to reclaim any grant payment found to be incorrect. This includes cases of error by the recipient business or the local authority making the payment, or where a business provides false eligibility declarations.
How to register for the ICOB grant
Businesses are encouraged to use the ICOB portal, accessible via www.icob.ie. To complete your application, make sure you have the following information:
To apply through the ICOB portal, you will need:
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Council Customer Number and PIN
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LAID Number
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Legal Business Name
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Property Address with Eircode
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Email Address
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Contact Number
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Bank Header
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Tax Registration Number (TRN)
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Tax Clearance Certificate (if required)
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Employee Count
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Self-Declaration for tax compliance and operational details.
The deadline to confirm eligibility and upload verification details is May 1, 2024, with payments starting late April 2024.
Additional Details
- Businesses can register per property within their local authority area, meeting specified criteria.
- For multiple properties in different local authorities, register individually with each authority where rates are paid.
- If denied, appeals must be submitted in writing within 7 days of notification.
CONTACT US
Trevor Leacy | Partner | Cork
trevor.leacy@mooreireland.ie
+353 21 427 5176
Diarmuid O'Connell | Partner | Dublin
diarmuid.oconnell@mooreireland.ie
+353 1 888 1004