Amnesty call for late Cost of Business applications by Mayo election candidate
THE Minister for Trade, Enterprise and Employment, Peter Burke, has been asked to grant an amnesty to late applications for the Increased Cost of Business (ICOB) Grant Scheme.
The call has come from Antoinette Peyton, a Fine Gael local election candidate for the Swinford Local Electoral Area.
“During my canvass these past few days in the Swinford Electoral Area I discovered that several small businesses were unaware of the Increased Cost of Business (ICOB) grant schemes available to them,” Ms. Peyton stated.
“Numerous business owners mentioned not receiving registration notices. Consequently, I’m calling on the Minister for Enterprise, Trade, and Employment to consider granting amnesty to late applicants.
“I am urgently advocating for an extension of the deadline, which is today, May 1, to enable those who were unaware of this scheme to benefit.”
Ms. Peyton furthered her call by asking the department for a promotional campaign on the scheme and details on how to apply.
The ICOB grant, as part of the 2024 budget, was introduced by Simon Coveney as Minister for Trade, Enterprise and Employment. This one-time grant, amounting to €257 million, is being disbursed to small and medium-sized businesses throughout the second quarter of 2024.
This grant is intended as a one-time financial aid to help businesses with increased costs associated with running a business. It's important to note that this is not a waiver for commercial rates, and businesses are expected to continue paying their commercial rates as usual.
To be eligible, businesses must operate from a location that is commercially rateable by a local authority and must be compliant with their rates arrangements with their local authority.
The grant value for qualifying businesses is calculated based on 2023 rates bill for their property. Businesses with a 2023 rates bill for their property of up to €10,000 will receive a grant that equals half of their bill. For those with a 2023 rates bill for their property ranging from €10,000 to €30,000, a fixed grant of €5,000 will be provided. Businesses with a 2023 rates bill for their property over €30,000 do not qualify for this grant.
How can you register for the grant?
Businesses are encouraged to use the ICOB portal, accessible via www.icob.ie. To complete your application, make sure you have the following information:
1. Council Customer Number and PIN: You will need to provide your council customer number along with the associated PIN. You would have received these in a letter from your local authority.
2. LAID Number: This number is available on your Rate Bill.
3. Legal Business Name: Your business’s official legal name.
4. Property Address: Include your property address along with the Eircode.
5. Email Address: Provide a valid email address.
6. Contact Number: This may be used to validate your bank account details.
7. Bank Header: A statement showing your bank account details, company or individual name, and date within the last three months.
8. Tax Registration Number (TRN): Ensure you have a valid TRN.
9. Tax Clearance Certificate: Depending on the grant value, a tax clearance certificate may be requested.
10.Employee Count: The number of employees you employ (for statistical purposes, not grant validation).
11.Self-Declaration: Your business is tax compliant. Your business has been commercially operating in 2024, trading since February 1, 2024, and intends to continue trading for at least 3 months following the submission of the self-declaration. The Portal will be the most efficient mechanism in which to avail of the grant but if you need assistance in relation to the grant, please contact your Rates team.