Budget 2025 Power Up Scheme Pays out €153 million during December

Fine Gael Minister for Enterprise, Trade and Employment Peter Burke and his colleague Minister of State for Business, Employment and Retail Emer Higgins have confirmed that almost €400 million has been paid this year to SMEs right across the country under the Power Up grant and the Increased Cost of Business Scheme (ICOB) this year.

During the summer, the Increased Cost of Business Grant paid out €244 million to over 75,000 businesses, including a double payment for businesses in the hospitality, retail and beauty sectors.

Minister Burke has now announced that the Power Up scheme, a new grant announced in Budget 2025, has so far paid out €153m to over 38,000 businesses in the hospitality, retail and beauty sectors in the last four weeks.  Each eligible business received a €4,000 grant during the month of December, paid directly into their bank accounts.

Speaking about this Minister Burke said “The Increased Cost of Business scheme and the Power Up grant have been hugely successful this year. We have paid out just under €400 million this year alone to businesses across the country.  This is a significant amount of money that has been directly targeted at SMEs – our small, family-run businesses with rates bills of less than €30,000, which provide the backbone of our local economies and our communities.

“When Taoiseach Simon Harris took office in April this year, he prioritised support for our small businesses.  I announced the SME package in June, with the further Power Up Scheme established in Budget 2025.  This scheme has now paid out €153 million to small, family-run businesses in December alone.

Minister Emer Higgins, Minister of State for Business, Employment and Retail Emer Higgins said: “The €400 million paid out to our SMEs this year highlights that Government is listening to business and is very aware of the difficulties faced by business owners.   From meeting and engaging with businesses up and down the country, we know the challenges that businesses continue to face and that is why during our time in the department, we have focused on getting cash payments to businesses as quickly as possible, with limited paperwork or red tape involved”.

Minister Burke concluded, “As government negotiations progress, we are fighting to ensure our small business are supported, and that any agreement on a programme for government contains further concrete measures to assist our SMEs.”