Stacy Chin explains how NIH no-cost extensions let SBIR awardees extend their project timeline without new funding. You keep any unspent money from your original budget and use it during the extension period. Phase 1 projects run 6-12 months, Phase 2 up to two years, and extensions help when work takes longer than planned.
Have you heard about the NIH no-cost extension? This is my best kept secret if you are an NIH SBIR awardee. This no-cost extension can serve as a really important tool for PIs and startup founders when complete their projects within the set time frame of their NIH SBIR award. For an NIH SBIR Phase 1, you can propose for a project time period of 6 to 12 months and then up to 2 years for a Phase 2 award. But as with many things in life, things always take longer than expected, and the NIH understands that. And so it is quite likely that you might need more time in order to complete what you propose in your SBIR effort. And that's when the no-cost extension might serve as a great tool for you. So a no-cost extension is an extension of a project period of an awarded NIH SBIR grant that allows the principal investigator to continue working on the project beyond the original end date. And although you can't request for any additional funding, whatever's left over from that project period can be pushed over towards this new project period deadline.
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