Power Up Grant: Extended to November 22nd

November 15, 2024
|In Uncategorized
|By Angela O'Leary

As we navigate the final quarter of 2024, there’s great news for businesses in the hospitality and retail sectors. The Power Up Grant Scheme has been extended, giving eligible businesses until Friday, November 22nd, 2024, to register for this valuable financial support. If you haven’t already taken advantage of this opportunity, now is the time to act.

What is the Power Up Grant Scheme?

The Power Up Grant is a €4,000 grant designed to help businesses in the hospitality and retail sectors with the cost of electricity. Announced in Budget 2025, this grant aims to alleviate some of the financial pressures faced by businesses due to rising operational costs and the lasting impacts of COVID-19.

Who’s Eligible?

To qualify for the Power Up Grant, your business must meet the following criteria:

  • Previous ICOB Grant Recipient: Your business must have received the second payment of the Increased Cost of Business (ICOB) grant and continue to meet its eligibility requirements.
  • Commercial Rates in 2023: Your business should have received a commercial rates bill equal to or less than €30,000 in 2023.
  • Commercially Rateable Premises: Your business must currently operate from a property that is commercially rateable.
  • Active Trading Status: Your business must be currently trading and intend to continue trading for at least three months from the date you verify your information. This includes seasonal businesses planning to reopen in Spring 2025.
  • Up-to-Date Rates Account: Your rates account must be up to date. Businesses with approved payment plans may still qualify. This will be verified by your local authority.
  • Tax Compliance: You must be tax compliant and possess a valid Tax Registration Number (TRN).

Note: Hospitality and retail businesses without a rates bill in 2023 may still qualify if they meet the other criteria. It’s advisable to contact your local council to check your eligibility.

How to Register

Registration is straightforward and quick:

  1. Check Your Email: Local authorities are emailing businesses that may be eligible. This email contains your ID, PIN number, and details on how to register.
  2. Visit the Registration Portal: Go to mycoco.ie/powerup to access the registration portal.
  3. Provide Necessary Information: Confirm your eligibility criteria on the portal and provide your business bank details, including a bank header from the last three months.
  4. Submit Before the Deadline: Ensure you complete your registration by Friday, November 22nd, 2024.

Important: If you haven’t received an email but believe you’re eligible, contact the rates section of your local authority immediately to inquire.

Why You Should Apply

  • Financial Relief: Receive a €4,000 grant to offset electricity costs, helping improve your cash flow.
  • Support for Growth: Alleviate financial pressures so you can focus on business development and growth.
  • Easy Application: The registration process is simple and can be completed quickly online.

Additional Support

If you require assistance with the application process or need advice on how this grant can benefit your business, don’t hesitate to reach out. At AG Associates, we’re committed to supporting SMEs in navigating financial opportunities and challenges.

Get in Touch

For personalized support and expert advice on the Power Up Grant Scheme:

📍 Address: Unit 11, Eastgate Way, Little Island, Cork
📞 Phone: 021 4824723
✉️ Email: angela@agassociates.ie

Let us help you power up your business and make the most of this extended opportunity!