Energy costs support scheme for businesses extended until April 2023
The Temporary Business Energy Support Scheme (TBESS) that was introduced for businesses to face the energy costs crisis through the winter months has been now extended until the end of April 2023.
While the Scheme was supposed to expire on 28 February, on 1 March the Minister for Finance, Michael McGrath TD, has announced its renewal.
One year after the Russian invasion of Ukraine the war’s impacts on energy costs in Europe don’t seem to come to an end, and Minister McGrath exercised powers contained in Finance Act 2022 to extend the Scheme.
He also decided to increase the monthly limit on aid under the TBESS, making it €15,000 for each eligible business, subject to an overall cap of €45,000 when a business is carried on “from more than one location”. These changes will apply for claim periods from 1 March 2023 only.
Further enhancements concern the extension of the Scheme until May and the reduction of energy cost thresholds to qualify for the support, from a 50% increase in energy costs to a 30% increase.
An increase of the level of relief from 40% to 50% of eligible costs has also been discussed, along with an extension of the time limit for making claims under the scheme.
However, these additional changes require State aid approval, likely to be provided in the forthcoming Finance Bill. Further information on the enhancements will be available “in due course” on Revenue.ie.
[Also read: ‘Pint price rises may increase pressure on hospitality sector’]
As the revised parameters take effect, the Revenue will automatically follow them to process claims and businesses will not need to update their already submitted claims.
The Government took the chance of the Scheme extension to refer to their #ReduceYourUse campaign started in April 2022.
The public information campaign helps people identify appropriate supports for their needs and explains how to use already existing resources.