Last week, Governor Roy Cooper signed the updated state budget for the fiscal year of 2022-23 into law. The bill, which was passed by the General Assembly last month just hours before the July 1st legislative recess, reflects an additional $6.2 billion in projected state revenues over a 2 year period. Below, NCBC has highlighted several key sections of the budget that are most relevant to small businesses and our 2022 policy agenda, thanks to our partners at the NC Sustainable Energy Association and NC Rural Center.
Small Businesses
$8 million (recurring) to the Department of Public Instruction (DPI) to pay for examination fees for industry certifications
$3 million (nonrecurring) to the DPI, $2 million of which is for modernizing Career and Technical Education (CTE) programs, with $1 million for items necessary for CTE programs
$2.8 million (recurring) to the Small Business Center Network, which provides counseling to small businesses
Sustainable Energy
$106 million in matching funds to receive federal funding from the Infrastructure Investment and Jobs Act
Increased eligibility for the Low-Income Energy Assistance Program Plan, increasing maximum income to 150% of poverty level and maximum payout to $1,000 per year.
Increased Low-Income Energy Assistance Grants from $108 million to $119 million
Broadband
$5 million (recurring) for expansion of the GREAT program to include wireless providers
$2 million (nonrecurring) for expansion of mobile broadband service to underserved State agency campuses
Increased caps on funding from GREAT grants
Changed scoring metrics for minimum upload and download speeds under the GREAT program
Housing
$20 million (nonrecurring) in additional funds for the Workforce Housing Loan Program, which assists in the development of affordable multi-family housing units
The bill also allocates $1 billion to a reserve fund intended to offset the consequences of a potential future recession's impact on the state budget.
NCBC will keep you updated on the allocation of the state budget's resources back into the community in the months to come.