Businesses in the retail and hospitality sectors have been urged to register for the €4,000 "Power Up" grant, with the registration process open from today.
Retail and hospitality businesses who received the second Increased Cost of Business payment can register for the €4,000 one-off grant, once they receive their email from their Local Authority.
This grant, which has a total budget of €170m, will be similar to the ICOB scheme and registration has been specifically designed to be quick and easy.
The Local Authority network is administering the scheme on behalf of the Department of Enterprise, Trade and Employment.
The Minister for Enterprise, Trade and Employment Peter Burke said he was very aware of the struggles that businesses in the hospitality and retail sectors continue to face.
"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," the Minister said.
"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," he added.
"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," he said.
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He said that Local Authorities are emailing businesses that qualify with details on how to register, adding that business owners need to check their emails and find their link.
Minister of State for Trade Promotion, Digital Transformation and Company Regulation Dara Calleary said the new grant is paid directly into a business's bank account, a direct injection of cashflow, which i imperative for small family-run businesses.
"They are a crucial part of our towns and our villages around Ireland and I urge eligible businesses to register and avail of this grant," Mr Calleary said.
He noted that the Increased Cost of Business (ICOB) Scheme has paid out over €244m to 75,000 SMEs, including two payments to over 38,000 SMEs in the retail and hospitality sector.
The deadline for registrations is November 8, 2024.
