On 15th May, the Government issued two important updates concerning the Increase in Grant Scheme (ICOB), specifically targeting businesses in the Retail and Hospitality sectors.

The key takeaway from these announcements is that businesses operating within these sectors are now eligible for a second grant payment, equivalent to the initial grant amount. Notably, businesses already registered in these sectors need not re-register to access this additional financial support.

Following the processing of the second grant payment, businesses will receive an additional email notification, streamlining the process for accessing much-needed support.

To align with this decision, the business category initially requested for statistical analysis will now accurately identify businesses within the Hospitality and Retail sectors. For any discrepancies in business classification, beginning Monday, 20th May, businesses can rectify their self-declared Business Type through their MyCoCo account.

This adjustment underscores the Government’s commitment to providing targeted support to businesses navigating economic challenges, ensuring equitable distribution and accessibility of financial aid.

For further inquiries or assistance, please don’t hesitate to reach out to our team at Gallagher Keane. We’re dedicated to supporting your business throughout these transitions.