A deadline for small and medium sized firms in Monaghan to apply for an Increased Cost of Business (ICOB) Grant to help offset rising costs has been extended.
A key cost saving grant aimed at helping cash-strapped businesses in Monaghan deal with rising day to day overheads has been extended.
The Increased Cost of Business (ICOB) grant was introduced as part of Budget 2024 last October in response to growing inflationary and energy linked pressures being felt by small and medium enterprises.
The €257m scheme, which is being administered by local authorities on behalf of the Department of Enterprise, Trade and Employment, had been due to close earlier this month.
However, following a lower than expected uptake of the measure, local authority bosses in Monaghan have agreed to extend the deadline to the end of the month.
It’s believed one of the reasons for the slow uptake in applications not just in Monaghan, but nationwide, was because a sizeable number of firms may have been in arrears with their commercial rates, upon which the payment is based.
Businesses, though, who have engaged and have either set up or are in the throes of establishing a payment plan with council officials can still avail of the grant.
Monaghan County Council has written to all ratepayers with details of registration with qualifying businesses being reminded the payment was directed solely at aiding everyday business related costs.
“Eligible businesses will receive a once-off grant payment as a contribution towards the rising costs faced by businesses,” the council said in a statement.
“It is not a commercial rates waiver and businesses should continue to pay their commercial rates bill as normal.”
For qualifying businesses with a rates 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 businesses with a rates bill of between €10,000 and €30,000, the ICOB grant will be €5,000.
Businesses with a rates bill greater than €30,000 are deemed ineligible to receive an ICOB grant.
The closing date for applications is May 29.
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