Questions and Answers
What is the Power Up grant?
I run a small café and I was wondering if I can get the new Power Up grant that was announced in Budget 2025?
As part of Budget 2025 the government announced a new grant, called the Power Up grant, for businesses in the hospitality, retail and beauty sectors.
As costs continue to rise, it is hoped that the grant will ease some of the unique pressures facing businesses in these sectors.
Who can get the Power Up grant?
- Businesses must have received The Increased Cost of Business (ICOB) grant that was part of Budget 2024 to get the new Power Up grant.
- The business must be a commercially trading entity, in the hospitality, retail or beauty sector currently operating from a property and paying commercial rates.
- Businesses must be trading at the time of submission and intend to continue trading for at least three months from the date of applying.
- Rates bills must be up to date. It includes those paying rates in a payment plan.
- The business must be tax compliant.
Businesses in the hospitality and retail sector that did not have a rates bill in 2023 may qualify if they meet the criteria.
How can I apply for the Power Up grant?
Eligible businesses will receive an email from their local authority with details on how to register.
If you have not received an email and think you may be eligible you should contact your Local Authority.
What is the closing date?
The deadline for applying for the grant is 08 November 2024. Before this date businesses need to confirm eligibility and upload verification through the grant portal.
How much is the grant?
Eligible businesses in the hospitality, retail, and beauty sectors that received two ICOB payments will receive a one off €4,000 payment.
How can I find out more?
You can find out more about the Power Up grant here
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Date published 5 Nov 2024 | Last updated 5 Nov 2024
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
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