Local businesses urged to get their share of new SME supports

Small and medium-sized businesses across the region have been encouraged to make sure they don’t miss out on broad suite of cost-reducing measures that were launched this afternoon.

The package includes an extension to the €257 million Increased Cost of Business Grant, a €54 million cut in Employer PRSI and €10 million in new enterprise measures.

Minister for Enterprise, Peter Burke, Minister for Finance, Michael McGrath, Minister of State Pippa Hackett spoke at Government Buildings at the event.

Among the other measures announced by Government were:

Increasing the maximum amount available under the Energy Efficiency Grant Scheme to €10,000, while increasing the grant rate from 50% to 75%

Doubling the Innovation Grant Scheme to €10,000

Widening the eligibility for the Trading Online Voucher, extending it to all sectors up to 50 employees, modernise eligible expenditure and doubling the grant to €5,000

Increasing the lending limit for Microfinance Ireland loans to €50,000 from €25,000

Widening the eligibility for the Digital for Business Consultancy Scheme and extending it to all sectors with up to 50 employees

Increasing the employer PRSI threshold from €441 to €496 with effect from 1 October 2024, which will ensure that employers with employees earning the weekly equivalent of the national minimum wage will pay employer PRSI at 8.8% instead of 11%. This will result in business savings of €54 million in a full year.

Removing fees for putting out tables and chairs for outdoor dining for the rest of 2024. This will save approximately €125 per table for hotels, restaurants, public houses or other businesses where food is sold for consumption on the premises.