The deadline is less than two weeks away for small businesses to apply for New York’s Seed Funding Grant Program. On September 14, the New York State Seed Funding Grant Program began taking applications. This $200 million grant is funded through Empire State Development (ESD) and is designed to provide early-stage small and micro-businesses, started on or after September 1, 2018, the funds to keep doors open and recover in the post-pandemic economy. The grant money can be used for utility bills, rent payments, certain taxes, insurance costs, HVAC costs, mortgage payments, payroll, personal protective equipment, machinery or equipment costs, and other costs approved by ESD. This program is not a loan, funds received will not need to be repaid.
Small businesses that did not qualify for assistance under the expanded Pandemic Small Business Recovery Program are eligible to apply. Awards for this grant are based on the business owner’s most recent federal business tax return and require between $5,000 and $1 million in gross receipts per year.
There are different tiers of funding available depending on a business’s gross receipts. Businesses ranging from $5,000 to $49,999.99 qualify for up to $5,000 per business. Businesses with $50,000 to $99,999.99 in gross receipts qualify for up to $10,000 per business. Businesses with $100,000 to $1 million in gross receipts qualify for up to ten percent of their gross receipts with a maximum grant amount of $25,000 per business. Eligible applicants that have not yet filed a federal tax return qualify for up to $5,000 per business.
Both the Seed Funding Grant Program ($200 million) and the COVID-19 Pandemic Small Business Recovery Grant Program ($800 million) have funding available and will continue to accept applications through Sept. 30. Small businesses can apply for New York’s Seed Funding Grant Program at https://nyseedgrant.com/, and the Pandemic Small Business Recovery Program at https://esd.ny.gov/organizations-available-assist-businesses.