Pádraig O'Sullivan (Cork North Central, Fianna Fail)
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17. To ask the Minister for Enterprise, Trade and Employment the amount of funding issued to businesses under phase 1 of the increased cost of business grant in Cork city and Cork county, in tabular form; and if he will make a statement on the matter. [30495/24]

Peter Burke (Longford-Westmeath, Fine Gael)
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As the Deputy will be aware the Increased Costs of Business Scheme has now closed and payments are currently being made to qualifying businesses by each Local Authority.

Since I came into office, I made two changes to the ICOB Scheme as part of the SME package that I announced in May. I reopened the Scheme for an additional two weeks to allow businesses another chance to sign up for the grant and I provided that qualifying businesses operating in the hospitality and retail sectors will receive a second payment under the Scheme.

This is due to the greater impact that increased costs are having on the hospitality and retail sector, as noted in a piece of research undertaken by the Department of Enterprise, Trade & Employment in association with the Department of Social Protection entitled “An assessment of the cumulative impact of proposed measures to improve working conditions in Ireland”.

Across all Local Authorities, as of 9 July, there have been 72,576 registrations to the Scheme representing 81,336 businesses. €141 million has already been paid out to over 62,000 businesses. This amounts to €129 million to businesses as a first payment, and €11.9 million to businesses in second payments.

Specifically with regard to Cork City and Cork County, to date Cork City has paid out €9,018,693 to over 3,500 businesses and Cork County has paid out €7,329,993 to almost 4,000 businesses.

Second payments to businesses in the hospitality and retail sector are now being made by Local Authorities.

Before payments can be made by a Local Authority, the information submitted by businesses requires verification by Local Authority staff to ensure adherence to their financial and governance processes. However, I am fully confident that the Local Authorities are doing everything possible to get payments to businesses as quickly as possible and this is demonstrated by the fact that over €140 million has already been paid out under the Scheme to over 60,000 businesses right across the country.