The Increased Cost of Business (ICOB) Grant 2024

The closing date for businesses to confirm eligibility and to upload verification details will be 1st May 2024.  Feedback from Chambers Ireland is that it takes 15 minutes to claim.  For further information:   https://www.mayo.ie/increased-cost-of-business-grant

Ratepayers letters and reminder letters should have been received from the Department of Enterprise, Trade & Employment with Customer No. & Pin.

Eligible businesses will receive a once-off grant payment. The amount of the grant payable to eligible businesses is based on the value of the Commercial Rates bill the business received in 2023

– 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.

– For qualifying businesses with a 2023 Commercial Rate bill of between €10,000 and €30,000, the ICOB grant will be €5,000.

– Businesses with a 2023 Commercial Rates bill greater than €30,000 are not eligible to receive an ICOB grant.

What businesses are eligible to receive the grant?

The following are the main qualifying criteria:

• Your business must be a commercially trading business currently operating from a property that is commercially rateable.
• Your business must have been trading on 1st February 2024 and you must intend to continue trading for at least three months from the date you verify your information.
• You must provide confirmation of your bank details.
• Your business must be rates compliant. Businesses in performing payment plans may be deemed to be compliant.
• Your business must be tax compliant and must possess a valid Tax Registration Number (TRN).