Retail and hospitality businesses who received the second ICOB payment can register for a €4,000 once-off Power Up grant.
Irish retail and hospitality businesses that have received a second payment under the Increased Cost of Business (ICOB) scheme are eligible for a further €4,000 Power Up grant.
The Minister for Enterprise, Trade and Employment Peter Burke TD, has announced the opening of the Power Up grant, through an online portal accessible via the Department’s website.
Eligible businesses will receive an email from their Local Authorities with details on how to register.
The deadline for registrations is 8 November 2024.
It is understood the Department has already paid out over €244m through the Increased Cost of Business Grant this summer to SMEs
Time to Power Up
Retail and Hospitality businesses who received the second ICOB payment can register for the €4,000 one-off Power Up grant, once they receive their email from their Local Authority.
This grant will be similar to the ICOB scheme and registration has been specifically designed to be quick and easy. The Local Authority network is administering this scheme on behalf of the Department of Enterprise, Trade and Employment.
“I am very aware of the struggles that businesses in the hospitality and retail sectors continue to face,” Minister Burke said.
“The Power Up grant has a budget of €170m and is available to businesses that received a second payment under the Increased Cost of Business Scheme. We know that input costs have increased, and this flat payment will go some way to help with rising costs associated with running your businesses during the busy Christmas period.
“Registrations for the Power Up grant are open from today. In order to get payments out to our shops, to our small restaurants, to our cafes and to our pubs before the end of the year, I am strongly urging businesses to register without delay. Local Authorities are emailing businesses that qualify with details on how to register as we speak, so all business owners need to check their emails and find their link.
“I want to thank the Local Authorities for their tremendous work in administering these grants on behalf of my Department. They are the closest arm of the state to many of our businesses and have direct links in to businesses at a local level,” Minister Burke said.
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