Fianna Fáil Local Election Candidate for Athenry-Oranmore LEA, Cllr Shelly Herterich Quinn, has urged local businesses to apply for the Increased Cost of Business (ICOB ) grant following the extension of the scheme.
The Government has announced a range of comprehsive business supports aimed at assisting small busineses with the increased cost of living. The ICOB grant, which is worth up to €5,000 has been extended for a further 14 days for all small and medium sized enterprises (SMEs ) and a top-up payment has been introduced for retail and hospitality businesses.
From October, the employer PRSI threshold will be increased from €441 to €496, which will ensure that employers with employees earning the weekly equivalent of the national minimum wage will pay the lower rate of employer PRSI rate of 8.8%.
The supports package also includes an increase the maximum amount available to small businesses under the Energy Efficiency Grant to €10,000. Cllr Herterich Quinn said she is delighted to confirm that the Increased Cost of Business Grant worth up to €5,000 has been extended for all businesses for a further 14 days. “I’m also pleased that a top-up payment has been approved by Government for small and medium sized retailers and hospitality businesses – these businesses will receive a second payment or double payment in the case of new registrations during this time
She added: “I’m actutely aware of the ongoing increased costs facing small and medium sized businesses. These supports will significantly help local businesses who are struggling with increased costs. “I would urge all businesses who are eligible to apply in the next fortnight for the grant.”A total of 66,108 businesses of the 120,531 businesses across the country deemed eligible for the grant have applied to date. That represents a take up of 55%. “In Galway city, 64% of all eligible businesses had applied prior to the previous deadline. That figure was only 42% in County Galway so it is especially important that those business owners who have not yet applied do so before the deadline of May 29.”
