Last week, Governor Roy Cooper unveiled his budget proposal for the fiscal year 2022-23. The proposal hits on several key aspects as they relate to small business owners:
$28.49 million in nonrecurring funds for small businesses, and $3 million in recurring funds, including:
$8.5 million nonrecurring and $2 million recurring to various state business assistance organizations, including the Small Business Technology Development Center, the NC Community Colleges’ Small Business Center, the Economic Development Partnership of North Carolina, and NC State’s Industry Expansion Solutions to maintain competitiveness
$6 million to the Dept. of Commerce (DOC) for early-stage technology development grants
$2 million to the DOC to facilitate the deployment of clean energy and energy efficient products across the state
$120 million to expanding North Carolina's Workforce, including:
$10 million recurring to expand work-based learning grants
$2.3 million in communications and outreach grants for state workforce development boards
As well as several other key initiatives, including:
Expanding Medicaid as outlined by the Affordable Care Act, extending coverage to nearly 600,000 additional North Carolinians
$25 million for the Living Wage for Contracts Reserve, which ensures state contractors are paid at least $15 an hour
Creates the NC Child Care WAGE$ program to increase salaries for childhood educators and invests $26 million in the program
Funds dedicated Grant Management staff for the NC OBSM
Preserving the most recent wave of tax cuts passed by the NC Legislature that were implemented earlier this year
Along with several other provisions in the $29.3 billion budget proposal. It remains unclear whether the legislature will approve of his proposal and which aspects may be changed or removed between now and the time of the budget's passage, but the NCBC will be continuing to provide updates on all the latest regarding the FY 2022-23 budget. If you would like NCBC to help you arrange a meeting with your state representative, click here.