Posted on: 05 Apr 2024

Budget 2024 provided €257M for an Increased Cost of Business (ICOB) 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.

Eligible businesses will receive a once-off grant payment based on the value of their 2023 commercial rates bill for the property a business occupies.

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 1^st 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

What data do I need to register for the Grant?

The following is the data that the local authority will require to validate your eligibility for the grant:

• Your council customer number and the PIN provided in this letter.
• Your legal business name and the property address including Eircode.
• Your email address and contact number.
• Your bank statement header which shows bank account details {must be dated within the last three months).
• Your Tax Registration Number (TRN) or PPSN.
• A Tax Clearance Certificate may be requested depending on value of grant.
• The number of employees that you employ and the business type (these are used for statistical purposes and not for the validation of the grant).
• You must self-declare that, the property is not vacant. Your business is tax compliant and was commercially trading at 1"'  February 2024. You must also confirm that you intend to continue trading for at least three months following the date of your submission.
• You must also consent to use of supplied data for the purpose of processing the grant.

The deadline for businesses to confirm eligibility and upload verification details is 1^st May 2024 so please make application as soon as possible to ensure you receive the grant.

If you have any queries on the application process please contact your usual point of contact in Quintas or contact us directly on info@quintas.ie or 021 4641400.