These are the last words in 1 Timothy 6:
21b Grace be with you.
The phrase serves as a concise benediction from Paul.
"Grace" means "divine favour". Paul was blessing them with divine favour as the last thing in this epistle.
Interesting, Paul opened his next letter with
2 Timothy 1
1 Paul, an apostle of Christ Jesus by the will of God, in keeping with the promise of life that is in Christ Jesus,
2To Timothy, my dear son:
Grace, mercy and peace from God the Father and Christ Jesus our Lord.
Here grace and peace are clearly separated as distinct.
As well, in
Romans 1:
7 To all those in Rome who are loved by God and called to be saints: Grace to you and peace from God our Father and the Lord Jesus Christ.
Ellicott:
Grace . . . and peace.—May God and Christ look favourably upon you, and may you enjoy, as the result of that favour, the peace and composure of mind which is the proper attribute of the Christian.
The terms “grace” and “peace” nearly correspond to two ordinary forms of Jewish salutation, the first of which has also something of a counterpart among the Greeks and Romans. But here, as elsewhere, the Apostle has given to them a heightened and deepened Christian signification. Grace is the peculiar state of favour with God and Christ, into which the sincere Christian is admitted. Peace is the state of mind resulting from the sense of that favour.
Peace follows after grace in a way that is better than the corresponding Hebraisms.