Payments worth a combined €4.8 million will be issued to more than 1,800 businesses including some large-scale farmers over the coming days, under the Temporary Business Energy Support Scheme (TBESS).
Revenue confirmed yesterday (Wednesday, December 21) that the first payments have been issued to businesses who registered for the scheme and recipients will see the money in their accounts before the weekend.
A number of dairy and pig farms will likely be in receipt of these payments, which Revenue stated will continue to be processed over the Christmas period.
A further 900 businesses have begun the claims process for the TBESS, and they have been reminded that payment can only be made when all the required steps have been completed.
In addition, 6,000 other businesses have registered, but have not yet started to submit claims.
Minister for Finance Michael McGrath welcomed the beginning of the payments under the TBESS, which was “the single largest item announced in the budget”.
“The scheme will provide substantial support for businesses who are facing large increases in their energy costs.
“I encourage businesses to log on to Revenue’s online service (ROS), register and submit their claims, or where necessary, engage with their advisors and accountants in order to apply and submit claims.
“We want to ensure this scheme helps to protect jobs and keep businesses going during this difficult trading environment,” he concluded.
The TBESS aims to help qualifying businesses with their electricity of natural gas costs as energy costs continue to soar across the country.
To be eligible, companies must demonstrate that the average monthly unit price for either electricity or gas has increased by at least 50%, compared to the average unit price in the same month last year.
Those that can prove this will be eligible for support of up to 40% of those additional costs.