We are pleased to inform you that, under Budget 2025, the Government has introduced a €4,000 Power Up grant designed to support businesses within the hospitality, retail, and beauty sectors as they address rising costs and ongoing operational challenges.
Eligibility extends to businesses in these sectors that have received the second payment under the Increased Cost of Business Scheme.
The deadline has now been extended to Friday, 22nd November 2024.
How To Apply:
1. Access the MyCoCo portal at mycoco.ie/powerup using your MyCoCo user ID and password (set up during your application for the Increased Cost of Business Scheme). If you’ve forgotten your password, you can reset it via the “Forgot your Password” link
2. Follow the application instructions and complete the self-declaration confirming your business is currently trading and will continue to do so for at least three months following your submission.
Eligibility Criteria:
Power Up eligibility is aligned with the Increased Cost of Business (ICOB) scheme. A business in the retail, hospitality or beauty sector that received a second payment under the ICOB scheme is eligible to register for the Power Up grant. To qualify, your business must meet the following requirements:
- Your business must have received a Commercial Rates Bill equal to or less than €30,000 in 2023
- Your business must currently operate from a commercially rateable property
- Your business must currently be trading and must intend to continue trading for at least three months from the date you verify your information (including seasonal businesses planning to reopen in Spring 2025.)
- You must provide confirmation of your business bank details
- Your rates account must be up to date.
- Your business must be tax compliant and possess a valid Tax Registration Number (TRN)
Also, new businesses in the hospitality, retail and beauty sectors that did not receive the second payment under ICOB may now be eligible for Power Up if they were trading in2023 from a rateable premises but were unable to apply for ICOB as they did not have a 2023 commercial rates bill. These businesses must also fulfil the eligibility criteria outlined above.
Should you have any questions or require assistance with your eligibility, please don't hesitate to reach out to us.
