As part of Budget 2024, the Government signed off on a package of €257 million for the Increased Cost of Business (ICOB ) Grant as a vital measure for small and medium businesses.
Westmeath County Council, funded through Department of Enterprise, Trade and Employment (DETE ), will manage the rollout of the grant to qualifying businesses.
This grant is available 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.
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 less than €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.
An online system is being developed to manage the submission of essential information. Westmeath County Council will write shortly to businesses with further details, including how to register and how to submit information online. The system is expected to be available in mid-March.
The closing date for businesses to confirm eligibility and to upload verification details will be May 1 2024.
If you have queries regarding your Commercial Rates account including outstanding balances, contact Westmeath County Council at [email protected] or 04493 38959. Our team is happy to discuss any balances outstanding on your rates and what steps can be taken to ensure compliance with the scheme. Further details are available on our website at www.westmeathcoco.ie
