The registration deadline for the Power Up grant has been extended to November 22, 2024, targeting SMEs in the hospitality, retail, and beauty sectors with a total budget of €170m.
This new grant is designed to support businesses that have previously received the second payment from the Increased Cost of Business (ICOB) scheme, which successfully allocated €244m to 75,000 businesses nationwide.
To qualify for the €4,000 Power Up grant, eligible businesses must continue to meet ICOB criteria, with local authorities overseeing the administration of the scheme.
Government officials are considering expanding the scope of the current scheme to assist more businesses that are not eligible for the Power Up grant, with any additional budget requests to be addressed by the new government in 2025.
Minister Burke shared: “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 €170m for this scheme on top of €244m 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, shared: “I know the difficulties businesses continue to face. The Government has given €244m to SMEs this year through the ICOB grant and now there is €170m 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, shared: “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.”
