7th November 2024
Over 75% eligible businesses registered for €4,000
Today Minister for Enterprise, Trade and Employment Peter Burke TD, announced that the Power Up grant registration deadline has been extended to 22 November 2024.
The Power Up grant was announced by government in Budget 2025. It has a budget of €170 million and is aimed at SMEs in the hospitality, retail and beauty sectors. This scheme builds on the success of the Increased Cost of Business Scheme (ICOB) scheme which has paid €244 million to 75,000 businesses right across the country.
The scheme opened for registrations on 24 October and to date 75% of eligible businesses have registered for the grant.
A business in the hospitality, retail and beauty sector must have received the second ICOB payment and continue to meet the ICOB criteria in order to be eligible for €4,000 Power Up grant.
The Local Authorities are administering the scheme on behalf of the Department of Enterprise, Trade and Employment.
Minister Burke said:
“I am urging businesses in the hospitality, retail and beauty sectors who received two ICOB payments to register for the Power Up grant. I have set aside €170 million for this scheme on top of €244 million that has been paid out under the ICOB scheme. Local Authorities are emailing businesses with details on how to register. This is an important grant for struggling businesses to assist with their costs.”
“I have also listened to concerns of some businesses who are not eligible for Power Up for a variety of reasons. I have asked officials to consider how the current scheme could be expanded within the budget we have allocated for the scheme this year to accommodate some of these businesses. If additional budget is required for an expanded scheme that will have to be a matter for a new Government in 2025.”
Minister of State for Trade Promotion, Digital Transformation and Company Regulation, Dara Calleary TD, said:
“I know the difficulties businesses continue to face. The government has given €244 million to SMEs this year through the ICOB grant and now there is €170 million available to SMEs in the hospitality and retail sectors to be paid out by the end of this year. Local Authorities have already emailed all businesses that qualify with details on how to register, I urge eligible businesses to check their emails and register for this scheme.”
Minister of State with responsibility for Business, Employment and Retail, Emer Higgins TD, stated:
“Businesses in the hospitality, retail and beauty sectors who received two payments under the ICOB scheme should register for this grant without delay. Retailers are crucial to our towns and villages around Ireland and this grant will assist with rising costs.”
ENDS
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