SEED Grant Disbursement FAQs
Last revised June 13, 2022
Grant Disbursement Questions
- What is Bill.com?
- It is our payment system. All information submitted here is completely safe.
- When should I expect to receive payment?
- It depends on the method of payment (direct deposit or mailed check). Generally, you should expect to receive payment 7-14 days after you sign the Grant Award Letter.
Report and Receipts
- When do we submit the follow-up report?
- You will be asked to complete a report three (3) months after you sign the award letter that includes a summary and evidence of how you have used the funds. If you fail to provide this information, you may be required to return the funds.
- How do we report the use of funds?
- You will be provided with detailed instructions for reporting a few weeks before the report deadline. Please DO NOT send receipts before this.
- Do I have to spend all the money in 3 months?
- Ideally, yes. If you need additional time to spend the funds, you may have to submit a request for a no-cost extension of up to 30 days. Failure to spend the funds during this time may result in the return of some or all of the grant funds.
- What counts as evidence for the use of funds?
- Itemized receipts (preferred)
- Payroll statements
- Financial statements
Business Expenses Questions
- How should I keep track of my expenses?
- We recommend using an expense tracker app such as Foreceipt or QuickBooks to keep track of your business expenses.
- How do I know what my business expenses are?
- They were emailed to you.
- Can I use the funds for expenses not originally in the budget?
- Yes, as long as they are directly related to the business. If you wish to confirm your expenses, email your DESIGNATED SEED Specialist, but it is not required.
- Can I submit expenses from before I receive the money?
- Yes, you may submit expenses incurred up to 3 months before the date on the Grant Award Letter that you signed.
- Can we include transportation costs?
- Yes, please refer to the IRS guidelines for transportation tax deductions The business mileage rate for 2021 is 56 cents per mile.
- Can rent or mortgage be included as a business expense?
- Yes, please refer to the IRS guidelines for the home office tax deduction. There is a standard deduction of $5 per square foot of home used for business (maximum 300 square feet).
- Do Venmo (same with Paypal and Zelle) transactions count as evidence for use of funds?
- Yes, but you must provide a business description in the memo/notes section and keep a copy.
- Can I pay myself? If so, how do I report this?
- Yes, you may write a check to yourself from your business account to your personal account with an explanation in the memo line, such as “payroll.”
- Can I use the funds for educational expenses?
- Please refer to IRS Publication 970 to learn about qualifying work-related education expenses.
General Questions
- Am I allowed to change the business that I originally proposed in the SEED grant application?
- Yes, but you must submit a new business plan that is as equally viable as the first. Please email the revised business plan to your designated SEED contact
- Do I have to report the grant in my taxes?
- We will NOT be issuing a 1099 Form. It is your responsibility to consult with a tax professional.
- I have more questions, who should I reach out to?
- Please email your designated SEED contact