As part of Budget 2024, the Government agreed on a package that would allow eligible businesses to receive a once-off grant payment based on the value of the Commercial Rates bill the business received in 2023.
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; and
- 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; and
- 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.
The Local Authorities are in the process of putting a system in place to roll-out the grant and a number have already written out to potentially impacted businesses. Information on the Scheme is currently also being placed on Local Authorities websites.
The system is already available and members are asked to check out their Local Authority website for information on the Scheme.
Further information is available on each Local Authority website and at www.icob.ie
