The new Temporary Business Energy Support Scheme (TBESS) was announced this week in Budget 2023. So what is it?
With the recent rising costs of energy bills, the aim of the scheme is to provide financial support to businesses and will be administered by the Revenue Commissioners until February 2023.
Who can apply?
If you are a business, and your unit cost of electricity or gas has increased by 50% in 2022 compared to 2021, you qualify. Any business in Ireland can apply.
Benefit of Scheme
The scheme will pay out 40% of the increased cost of energy bills, up to a maximum of €10,000 per premises, per month.
How to apply?
The Government has stated it aims to have the first payments issued to businesses in November and they will be backdated to September, but the legislation for this new scheme is still to be approved through the Dáil and Seanad in October. Revenue are also to update their systems to administer the scheme, therefore there are no further details on applications at this time until this is up and running which are hoped to be in the next few weeks.
Please note this article is for information purposes and does not constitute advice. Details correct at time of publishing.