Louth County Council have announced that a new Increased Cost of Business Grant is open for applications from Louth businesses and could be worth 50% of a businesses commercial rate bill from 2023.
Each rateable business in Drogheda will have received a letter in the post from Louth County Council recently detailing the process for this grant. The letter also contains a Customer Number and Pin unique to each business, which you will need to access the application portal.
As part of Budget 2024, the Government agreed a package of €257 million for the Increased Cost of Business (ICOB) Grant as a vital measure for small and medium businesses. Louth County Council, funded by the Department of Enterprise, Trade and Employment will manage the rollout of the grant to qualifying businesses, who once proven eligible will receive a once-off grant payment based on the value of the 2023 Commercial Rates bill for that business. The ICOB grant is, however, not a rates fee waiver and businesses should pay their rates bill as normal. The purpose of the ICOB grant is contribution towards the rising costs faced by businesses. The grant is intended to aid businesses but is not intended to directly compensate for all increases in wages, or other costs for every business.
What businesses are eligible to receive the ICOB Grant?
The main eligibility criteria are:
~Your business must be a commercially trading business currently operating from a property that is commercially rateable.
~Your business must have been trading on 1st February 2024 and you must intend to continue trading for at least three months from the date you submit your application information.
~Your rates account must be up to date. Business in performing payment plans may be deemed to be compliant.
~Your business must be tax compliant and must possess a valid Tax Registration Number.
How much is the grant?
The ICOB grant is based on the value of the Commercial Rates bill received by an eligible business in 2023. If the 2023 Commercial Rate bill is;
1.) <€10'000 the ICOB grant will be at a rate of 50% of the value of the rate bill for 2023.
2.) between €10'000 and €30'000 the ICOB grant will be €5000.
3.) Businesses occupying a rateable property with a 2023 Commercial Rates bill higher than €30'000 are not eligible.
How can I register for the Grant?
Businesses can use the ICOB portal which is available at www.mycoco.ie/icob and if you need assistance in relation to the grant please contact icobgrant@louthcoco.ie or call 042 9335457. There is a QR code on the letter from Louth County Council which will also take you to the application portal.
To register, you will need:
~Your Council customer number and PIN, which can be found on the letter on the ICOB received in the post from Louth County Council.
~Your LAID number, which you can find on your rates bill.
~Legal business name and the property address including Eircode
~Your email address and contact number
~Your bank statement header which shows Bank Account details, must be dated within the last three months
~Your Tax Registration Number (TRN)
~A Tax Clearance Certificate may be requested depending on the value of the grant.
~The number of employees that you employ and the business type (these are used for statistical purposes and not for the validation of the grant)
~You must self-declare that the property is not vacant
~Your business must be tax compliant and was commercially trading on 1st February 2024. You must also confirm that you intend to continue trading for at least three months following the date of your submission.
~You must also consent to the use of supplied data for the purpose of processing the grant.
Closing date to confirm eligibility and upload verification details is 1st May 2024. It is advised that you begin your application as soon as possible. Grants will be paid out from late April, however the Council kindly asks for your patience as they review and validate submissions throughout the county.
