Cashel Chamber of Commerce is expressing deep disappointment with the current state of the Increased Cost of Business (ICOB) grant. This scheme, was announced Chamber says “with much fanfare as part of Budget 2024, to support small and medium businesses” but to date no information on the rollout of the scheme has been released from the Department.
The scheme is to provide grants to business operators with a rates liability of less than €30,000 annually. Businesses with a rates liability of less than €10,000 were to get a grant equal to 50% of their rates bill, while businesses with a rates bill of between €10,000 and €30,000 are to get a flat rate grant of €5,000. Businesses with a higher rates liability are not eligible for the scheme which the Government says will cost €257 Million.
Cashel Chamber says local businesses are keen to understand how the ICOB will be rolled out, yet are still awaiting critical details. Martin Lynch, President of Cashel Chamber says “the lack of clarity and communication from the Government is causing unnecessary uncertainty and frustration among businesses” and is urging the Minister for Enterprise, Trade and Employment, Simon Coveney, to provide an update on the ICOB as soon as possible.