Ruairí Ó Murchú (Louth, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

117. To ask the Minister for Enterprise, Trade and Employment the funding that is being provided to support small and medium enterprises with the increased cost of business; and if he will make a statement on the matter. [23172/24]

Peter Burke (Longford-Westmeath, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Government is very aware that SMEs have faced a number of economic shocks in recent years which have resulted in cost increases and that is why we have allocated €257 million to the Increased Cost of Business (ICOB) scheme.

As you will know on May 15th, I, along with my Government colleagues, announced a substantial range of measures to reduce costs for small and medium sized businesses.

Included in these measures was the reopening of the ICOB portal from 15th May to 29th May, in order to allow rate paying business owners who have not registered to do so. We have received feedback that the process of registering is simple and quick.

You should be aware that as part of re-opening the ICOB scheme and given the greater impact that increased costs are having on the hospitality and retail sector, as noted in the DETE-DSP joint working paper titled ‘An Assessment of the Cumulative Impact of Proposed Measures to Improve Working Conditions in Ireland’, it has been agreed that business operating in these sectors will receive a second payment for approved businesses or a double payment for new registrations under this scheme.