Cost of Business

Signed-off: What we know is in the new business support package of up to €150m

Businesses hit with rising costs to receive additional support under a second iteration of the Increased Cost of Business Scheme (ICOB), with full details due on Wednesday

Peter Burke, the Minister for Enterprise, is expected to launch the new measures on Wednesday. Picture:

Cabinet has approved a support package worth up to €150 million for small businesses. The supports will include new grants and PRSI reductions for small and medium-sized enterprises.

Peter Burke, the enterprise minister, finalised the new round of supports in recent days with full details of the new package set to be announced on Wednesday.

As part of the new measures, there will be an increase to the threshold for the higher rate of employers’ PRSI to €12.70 an hour, or €495 for a 39-hour week, at a cost of about €60 million.