In a significant move aimed at supporting small and medium-sized enterprises (SMEs) across the county in tackling escalating operating costs, Louth County Council has unveiled the rollout of the Increased Cost of Business (ICOB) grant scheme. This initiative comes as part of the Government's Budget 2024 commitment, earmarking a substantial €257 million package specifically designed to aid businesses during these challenging economic times.

What You Need to Know About the ICOB Grant

The ICOB grant, administered through the Department of Enterprise, Trade and Employment (DETE), is a lifeline for eligible businesses across Louth County. Aimed at providing financial relief, this grant is not to be confused with a Commercial Rates waiver; recipients are urged to continue settling their Commercial Rates bills as usual.

Grant Allocation:

• For businesses with a 2023 Commercial Rate bill under €10,000: Expect a grant worth 50% of your bill.
• Businesses with a 2023 bill between €10,000 and €30,000: A flat grant of €5,000 is available.
• Notably, businesses with a Commercial Rates bill exceeding €30,000 in 2023 are not eligible for this grant.

Eligibility Criteria:

To qualify for the ICOB grant, your business should:

• Operate from a commercially rateable property.
• Have been trading as of 1st February 2024 and plan to continue for at least three more months.
• Provide bank details for grant receipt.
• Be compliant with Commercial Rates and tax obligations, including a valid Tax Registration Number (TRN).

Application Process:

An online platform is in the works to facilitate the application process. Louth County Council will reach out with details on how to register and submit required information through this system, expected to launch in mid-March.

Important Dates:

• Closing Date for Applications: 1st May 2024. Ensure your eligibility and submit verification details by this deadline.

Final Thoughts

The ICOB grant represents a crucial step by Louth County Council and the DETE in supporting local businesses facing the brunt of increased costs. By offering financial assistance based on Commercial Rates bills, the scheme acknowledges the diverse challenges faced by SMEs across the county.

Stay tuned for further updates from Louth County Council on the ICOB grant application process, and make sure your business is prepared to take advantage of this timely support. 

If you need any help with ICOB grant application, reach out to our tax team for possible assistance.