Exciting news for small and medium businesses in the retail and hospitality sectors! A new round of the Increased Cost of Business scheme, worth €66 million, is launching providing grants of up to €5,000. This package of supports, announced by Minister for Enterprise Peter Burke, also includes an increase in the Energy Efficiency Grant for small businesses, now up to €10,000.
Businesses that missed out on registering can now apply for the Increased Cost of Business scheme for the next two weeks. Additionally, Minister Burke is implementing a change to the PRSI threshold, reducing it to €496 from October, benefiting businesses with minimum-wage employees by lowering their employer PRSI rate to 8.8%.
The Innovation Voucher Scheme grant is doubling to €10,000, and Minister Burke will review new research on statutory sick leave impacts before deciding on further increases. The government has also agreed to consider employers’ PRSI rates when adjusting the minimum wage in the future.