The government’s Budget 2024 brings good news for small and medium-sized businesses in Ireland. One of the standout plans is the Cost of Business scheme, designed to assist SMEs in dealing with rising business costs. While the details are still being worked out, this scheme holds promise for SMEs all over the country.

The Cost of Business Scheme:

Proposed under the Budget 2024, the Cost of Business scheme offers one-off grants in 2024, amounting to up to 50% of the commercial rates paid in 2023. This injection of funds aims to alleviate the financial burden faced by these enterprises, enabling them to reinvest and grow their operations.

Eligibility Criteria:

To qualify, SMEs must currently pay less than €20,000 per annum in commercial rates. This criterion ensures that the benefits of the scheme are directed towards the businesses that need it most, providing targeted support to those facing the greatest financial strain. The above has yet to be finalised by the government and there may be some amendments to increase the eligibility for certain businesses

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