HB289 Alabama 2022 Session

Summary

Primary Sponsor

Steve ClouseRepresentative

Republican

Session

Regular Session 2022

Title

Supplemental Appropriations, from the American Rescue Plan Act - State Small Business Credit Initiative Fund for the fiscal year ending September 30, 2022.

Summary

This bill uses ARPA money to fund Alabama's State Small Business Credit Initiative, providing venture capital and small business loans for 2022 with rules for administration and future reappropriation.

What This Bill Does

It appropriates $97,943,015 in ARPA funds to the Department of Finance for the fiscal year ending September 30, 2022 to support venture capital and small business loan programs. It allows up to $25,000,000 for the first venture capital program, up to $25,000,000 for a second venture capital program, and up to $47,943,015 for small business loan programs, to be managed by the Alabama Innovation Corporation or another designated entity. If the state receives less ARPA money, the appropriation is reduced accordingly; unspent funds can be reappropriated for the same purposes starting October 1, 2023 and beyond. The bill requires administering entities and any delegates or subrecipients to comply with federal requirements and to provide requested information.

Who It Affects

• Department of Finance - receives and administers the ARPA funds and oversees compliance
• Alabama Innovation Corporation or other designated entities - may receive funds to run venture capital and loan programs
• Alabama small businesses and startups - potential beneficiaries through venture capital programs and small business loan programs
• Subrecipients/delegates - must provide information to the Department of Finance and follow federal requirements

Key Provisions

• Section 1: Appropriation of $97,943,015 in ARPA funds; up to $25,000,000 for a venture capital program, up to $25,000,000 for a second venture capital program, and up to $47,943,015 for small business loan programs; funds may be delegated to the Alabama Innovation Corporation or other designated entity.
• If federal funds are less than $97,943,015, the appropriation is reduced by the shortfall.
• Section 2: Unexpended funds on September 30, 2022 shall be reappropriated for the same purposes for the 2023 fiscal year and onward.
• Section 3: Administering entities may enter agreements to ensure compliance with federal requirements.
• Section 4: Delegates or subrecipients must provide all information requested by the Department of Finance in a timely manner.
• Section 5: The act takes effect immediately upon passage and approval.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Supplemental Appropriations