Sunday 19 May 2024
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Contact Details T: 086 8903154 Email : johnpaul.oshea@cllr.corkcoco.ie

Increased Cost of Business Grant – Update

Increased Cost of Business Grant – Update
As part of Budget 2024, the Government signed off on a package worth €257m for the Increased Cost of Business (ICOB) Grant as a vital measure for small and medium businesses. 
 
Cork County Council – funded through the Department of Enterprise, Trade and Employment (DETE) will manage the rollout of the grant to qualifying businesses. 
 
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. 
 
Please note it is not a Commercial Rates waiver and businesses should continue to pay their Commercial Rates bill as normal.
 
How much is the grant?
 
The grant is based on the value of the Commercial Rates bill received by an eligible business 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.
 
When is the closing date?
 
The closing date for businesses to confirm eligibility and to upload verification details will be 1st May 2024.
 
More info:
 
Once the online portal is ready – it will be opened up for applications – I will keep you informed on this.
 
John Paul