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Grant proceeds are taxed. If you received a grant from the New York State Seed Funding Grant Program in 2022, you will need to report it on your upcoming 2022 tax returns.
What is a seed grant? Georgia Tech defines a seed grant as a small amount of money (seed) in a restricted funds account (grant). Seed grants may be internal or external and do not have a set limit in terms of their definition, but tend to be between $25,000 and $60,000 per grant.
The New York State Seed Funding Grant Program (the ?Program?) provides grants of up to $25,000 to operating New York State based early-stage small and micro businesses, and for-profit independent arts and cultural organizations.
As such, the tech-forward company can approve loans within a few business days and fund approved loans in 24-72 hours, SBA loans notwithstanding. Like all CDFI organizations, Lendistry helps businesses in low-income areas receive funding.
To be eligible, you must be a resident of New York and have a registered business in New York. If your business is in one of the following areas: medicine, education, scientific research, and technology development, you have a higher chance of getting your grant application approved.
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Grant proceeds are taxed. If you received a grant from the New York State Seed Funding Grant Program in 2022, you will need to report it on your upcoming 2022 tax returns. To do so, please retrieve a copy of your 1099 tax form provided by the State of New York.