The Minister For Trade, Enterprise and Employment Peter Burke has said the Increased Cost Of Business (ICOB) grant is designed to help SMEs throughout the country.
He said the process to apply is very simple and he urged those who are eligible to submit an application before the deadline at midnight.
The minister said that after the deadline passes the data will be analysed and an assessment will be made and a new package will be available.
Speaking on RTÉ's Morning Ireland, the Minister said more details will be announced by the end of May.
"Of the 125,000 businesses that qualify only over 50% of those have taken up the grant," he said
But he added that take up in some counties like Mayo have hit 70% this morning.
"Once we get past midnight tonight, I will review the data to see exactly - based on evidence - who have applied and then we will be responding in the coming days with a broader business package to support the SME sector and support business over the weeks and months ahead," Mr Burke said.
The Minister said he is looking at a range of measures around assisting businesses, especially the capital cost of equipment.
He is also looking at reprofiling some expenditures as well and trying to bring in some new money to try assist businesses.
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On warehoused debt from the Covid-19 pandemic, he said it is very important that businesses pay the taxes due.
"Tax has to be paid. We have about €1.5 billion in warehouse debt, but 70% of that debt is less than €5,000 for businesses", he said.
Minister Burke noted that the ICOB grant could potentially pay a significant portion or all of it.
He added that three-quarters of all businesses have now engaged with Revenue and have a phased payment agreement in place.
He urged the remaining businesses to engage with the tax commissioners "because Revenue is not about closing your business".
"Revenue is about assisting you. You have a 0% rate. You can put a phased payment agreement into the future in place to assist you in staying open to assist you in doing business," Mr Burke said.
"We as a government are about keeping people and keeping businesses in operation. We want to work with you and help you discharge that debt," he stated.
"Revenue debt has to be paid and essentially have a 0% interest rate if businesses engage today," he said.
"If they don't and bury their head in the sand, that's not good for anyone and the interest will start ticking. So we want to say to people we are here to work with you, please engage and we will support you in the days and weeks ahead," he added.
