Almost €400 million has been paid this year to SMEs under the Power Up grant and the Increased Cost of Business Scheme, in what was a difficult year for small businesses.
The schemes were designed by the Department of Enterprise, Trade and Employment and administered by the Local Authorities with the aim of helping businesses with the increased costs associated with running a business.
Many of the increased costs were labour costs which were imposed by Government, including increases to the minimum wage, and changes to sick pay.
Retail and hospitality businesses also campaigned for a cut to the 13.5% VAT rate, but it was not forthcoming in Budget 2025.
The Power Up Grant, announced as part of Budget 2025, closed for applications on November 22 and has now paid out over €154 million to 38,500 businesses over the last four weeks.
The ICOB scheme paid €244 million during the summer to over 75,000 businesses, including a double payment for businesses in the retail, hospitality and beauty sectors.
Peter Burke, Minister for Enterprise Trade and Employment, said, the schemes have been hugely successful.
"This shows that Government is listening to business and is very aware of the difficulties being faced by business owners," Minister Burke said.
"I want to particularly thank Local Authorities all over the country for their hard work in administering both schemes and getting this vital support to businesses in an efficient and timely manner."
Minister of State for Business, Employment and Retail, Emer Higgins said: "I know the challenges that businesses continue to face and that is why the Department has focused on getting payments to businesses as quickly as possible.
"I have met and listened to retailers across the country, heard about the challenges that they face, and the success of both of these grant schemes goes some way to assist these businesses in tackling rising costs," she said.
