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IMPORTANT INFORMATION! Increased Cost of Business Grant (ICOB)

IMPORTANT INFORMATION! Increased Cost of Business Grant (ICOB)

Qualifying businesses paying Commercial Rates between €10,000 and €30,000 will receive a grant of €5,000 with qualifying businesses paying under €10,000 receiving a 50% grant.

Grants must be claimed by 1st May 2024 - only 9 working days away!

Please read information below.

Note: You will have received two letters from dlr in relation to the grant attached which contain your important Customer ID and PIN - see sample letters here:

ICOB Grant: Details and how to register

ICOB Grant: Reminder to register

Background:

As part of Budget 2024, the Government signed off on a package of €257m for the Scheme. 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. However, it is not a Commercial Rates waiver and businesses should continue to pay their Commercial Rates bill as normal. The Scheme is funded by the Department of Enterprise and is in the process of being rolled-out by the 31 Local Authorities.

What is the purpose of the grant?

The grant is available to qualifying businesses as a contribution towards the rising costs faced by businesses. The grant is intended to aid businesses but is not intended to directly compensate for all increases in wages, or other costs, for every business.

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 between €10,000 and €30,000 the ICOB grant will be €5,000.

• For qualifying businesses with a 2023 Commercial Rate bill of less than €10,000 the ICOB grant will be paid at a rate of 50% of

the business’s Commercial Rate bill for 2023.

(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).

What is the closing date?

The closing date for businesses to confirm eligibility and to upload verification details will be Wednesday 1 May 2024.

Registration: ::MyCoCo::

Submission Guide: ICOB User Guide.pdf (dlrcoco.ie)

FAQ’s: FAQs - Increased Cost of Business (ICOB) Grant.pdf (dlrcoco.ie)