Business owners to see energy payments in bank accounts from Thursday

Business owners should start to see State energy support payments in their bank accounts from Thursday, the Department of Finance has said.

Minister for Finance Michael McGrath said the department has received confirmation from Revenue that the first payments have been made under the Temporary Business Energy Support Scheme (TBESS).

The TBESS was announced as part of Budget 2023 to help businesses meet rising energy costs.

The scheme provides a direct payment to eligible businesses covering 40 per cent of the increase in their energy bills up to a maximum of €10,000 per month.

Student accommodation: A market plagued by bed shortages, rising rents and 51-week leases

---

An attempt to buy the next election with a giveaway budget would be a gross miscalculation

---

The outlook for interest rate cuts is changing - so should Irish borrowers be worried?

---

IDA gives Intel €30m in aid package

---

Where the business operates across more than one location, it is eligible for an increased cap of €10,000 per location, up to a maximum amount of €30,000 per month.

Revenue’s online registration system opened for businesses on November 26th and eligible businesses have been able to submit claims since December 5th.

“This is very welcome news for business owners who are experiencing real challenges with the cost of their energy bills,” said Mr McGrath.

“For those who have submitted claims already, the first payments have now been made and over 1,800 businesses will see payments with a combined value of €4.8 million land into bank accounts before the weekend.

“The TBESS was the single largest item announced on budget day, and will provide substantial support for businesses who are facing large increases in their energy costs.”

Mr McGrath said more than 7,000 businesses have registered for the scheme to date, and added that he expects there are many more who meet the qualifying criteria.

“I encourage businesses to log on to Revenue’s online service, register and submit their claims, or, where necessary, engage with their advisers and accountants in order to apply and submit claims because we want to ensure this scheme helps to protect jobs and keep businesses going during this difficult trading environment,” he said.

Detailed guidance on who qualifies for the scheme and how to register and make claims is available on the Revenue website, in addition to a link to a recent webinar on the topic.

The scheme will operate in respect of energy costs relating to the period September 1st, 2022, to February 28th, 2023. However, the Minister for Finance may extend the scheme to a date not beyond April 30th.