New NYS Seed Grant and Updates to NYS COVID-19 Recovery Grant

New York State has launched the NYS Seed Grant Funding Program to provide grants for businesses that began operations on September 1st, 2018 or later and been operational for at least six months before an application is submitted. Additionally, Empire State Development has revised guidelines for the NYS COVID-19 Pandemic Recovery Grant program and businesses no longer must demonstrate a 25% reduction in revenue from 2019 to 2020 to be eligible.

 

New Program: NYS Seed Funding Grant Program


New York State has launched the NY State Seed Funding Grant Program to provide grants of up to $25,000 (grant amount is based on gross receipts from 2020 or 2021 business tax returns) to early-stage businesses that:

  • are incorporated or registered to do business in New York State.

  • began operations on September 1st, 2018 or later and are currently viable and operating.

  • have between five thousand dollars ($5,000) and one million dollars ($1,000,000) in gross receipts per annum

  • have been operational for at least six months prior to submitting an application.

  • did not receive funding from the NYS COVID-19 Pandemic Small Business Recovery Program.

  • meet all other eligibility requirements (see our website for more info)

Grants will be flexible and can be used for a number of different business operating expenses, including payroll, rent or mortgage payments, taxes, utilities, PPE, or other business expenses incurred between September 1, 2018, and January 1, 2022.

Our business advisors would be delighted to answer your questions regarding this program, and you can email sbdc@pace.edu to arrange a no cost, one-on-one meeting with a business advisor.

 

Updates to the NYS COVID-19 Pandemic Recovery Grant Program

Empire State Development has expanded eligibility for the NYS COVID-19 Pandemic Recovery Program by eliminating the requirement that businesses demonstrate a 25% reduction in annual gross receipts from 2019 to 2020.

As a reminder, this program provides grants of up to $50,000 (amount based on a business’s annual gross receipts for 2019) to small and micro businesses and for-profit independent arts and cultural organizations that are incorporated in New York State or licensed/registered to do business in New York State and who began operations on or before March 1, 2019 and remain viable. A number of other eligibility requirements exist and information is available on the program website.

Funds may be used for a number of purposes, including commercial rent or mortgage payments, payroll costs, insurance costs, utility costs, machine or equipment costs, COVID-19 related costs, and more.


Our business advisors would be delighted to answer your questions regarding this program, and you can email sbdc@pace.edu to arrange a no cost, one-on-one meeting with a business advisor.