Mayo minister confirms extension of €5,000 cost of business grants

MAYO Fianna Fáil Minister of State for Enterprise, Dara Calleary, has confirmed the extension of the Increased Cost of Business (ICOB) Scheme for all businesses for a further 14 days.

The minister has also unveiled details of a second phase of ICOB for businesses in the hospitality and retail sectors.

The measures are contained in a comprehensive range of business supports announced by the Department of Enterprise today.

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%.

It also includes an increase the maximum amount available to small businesses under the Energy Efficiency Grant to €10,000.

Minister Calleary said: “I’m 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 to announce 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.”

He 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.”

Deputy Calleary said 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 Mayo, a total of 2,447 businesses - or 72% of the 3,372 estimated eligible business in Mayo - have applied for the grant before the deadline of May 1.”

Minister Calleary continued: “Improvements in employers’ PRSI have been approved and we’ve also made further improvements to trading online and energy efficiency grant in a bid to make them more attractive. This suite of measures will significantly help businesses across the country.”