The Irish Government has agreed a range of measures with the aim of reducing costs for small and medium-sized businesses, including a re-opening of the Increased Cost of Business (ICOB) grant with a new closing date of 29 May 2024.
Other measures include a second ICOB grant payment for businesses in the retail and hospitality sectors, which includes the hair and personal grooming industry.
The Government has also pledged to widen the eligibility for the Trading Online Voucher Scheme and the Digital for Business Consultancy Scheme, extending both to all sectors with up to 50 employees; launch the new online National Enterprise Hub for SMEs to access information on Government business support; increase the lending limit for Microfinance Ireland loans to €50,000; review ESRI research on the impact of Statutory Sick Leave before deciding on any further increases; and review the proposed Roadmap for Increasing Minimum Annual Remuneration Thresholds for Employment Permits.
Meanwhile, Minister for Social Protection Heather Humphreys has confirmed that she will increase the employer PRSI threshold from €441 to €496, with effect from 1 October 2024. According to the Government, this will ensure that employers with employees working full time on the national minimum wage will not be required to pay the higher rate of employer PRSI of 11.05% and will instead pay the lower rate of 8.8%.
“Our small businesses are the backbone of our local economy and provide much valued employment in communities across the country,” said Minister for Enterprise, Trade and Employment, Peter Burke. “These measures represent agreement from across Government on the need to support our SMEs in the face of rising costs – while also balancing critical progress in terms of working conditions.
“Small and medium-sized businesses are vital to Ireland’s success and are central to our ability to build a broad-based and successful economy and wider society. It has been a priority of Taoiseach Simon Harris to support our small businesses since he took office, and I am glad that we have delivered on this. I continue to advocate on behalf of small businesses and traders up and down this country, and I look forward to Budget 2025 to highlight further government commitment to this critical sector.”
