HLS 21RS-1298 ORIGINAL
2021 Regular Session
HOUSE BILL NO. 686
BY REPRESENTATIVE GARY CARTER
FUNDS/FUNDING: Dedicates funds from the American Rescue Plan Act of 2021 to
Hudson Initiative and Veteran Initiative certified small businesses
1 AN ACT
2To enact Subpart V of Part II-A of Chapter 1 of Subtitle I of Title 39 of the Louisiana
3 Revised Statutes of 1950, to be comprised of R.S. 39:100.171, relative to the
4 dedication of funds from the American Rescue Plan Act of 2021; to create the Small
5 Business Development Fund; to provide for the deposit of federal monies into the
6 fund; to provide for uses of the monies in the fund; to provide for effectiveness; and
7 to provide for related matters.
8Be it enacted by the Legislature of Louisiana:
9 Section 1. Subpart V of Part II-A of Chapter 1 of Subtitle I of Title 39 of the
10Louisiana Revised Statutes of 1950, comprised of R.S. 39:100.171, is hereby enacted to read
11as follows:
12 SUBPART V. SMALL BUSINESS DEVELOPMENT FUND
13 ยง100.171. Small Business Development Fund
14 A. There is hereby created in the state treasury, as a special fund, the Small
15 Business Development Fund, hereinafter referred to in this Section as the "fund".
16 B. The state treasurer is hereby authorized and directed to deposit in and
17 credit to the fund fifty million dollars of the federal monies allocated to Louisiana
18 pursuant to the Coronavirus State Fiscal Recovery Fund of the American Rescue
19 Plan Act of 2021.
Page 1 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 21RS-1298 ORIGINAL
HB NO. 686
1 C. Monies in the fund shall be invested in the same manner as monies in the
2 state general fund. Interest earned on the investment of monies in the fund shall be
3 deposited in and credited to the fund.
4 D. Monies in the fund shall be used to provide grants for business
5 development and expansion for small Louisiana entrepreneurships that are certified
6 pursuant to the Hudson Initiative, as provided in R.S. 39:2001 et seq., and the
7 Veteran Initiative, as provided in R.S. 39:2171 et seq. The grants shall be
8 administered by the Department of Economic Development.
9 Section 2. This Act shall become effective upon signature by the governor or, if not
10signed by the governor, upon expiration of the time for bills to become law without signature
11by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
12vetoed by the governor and subsequently approved by the legislature, this Act shall become
13effective on the day following such approval.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 686 Original 2021 Regular Session Gary Carter
Abstract: Creates the Small Business Development Fund to use American Rescue Plan Act
funds to provide grants to small Louisiana entrepreneurships that are certified
pursuant to the Hudson Initiative and the Veteran Initiative.
Proposed law creates the Small Business Development Fund (fund) and directs the treasurer
to deposit $50 million of federal monies allocated to La. pursuant to the Coronavirus State
Fiscal Recovery Fund of the American Rescue Plan Act of 2021 into the fund.
Proposed law provides grants for business development and expansion for small Louisiana
entrepreneurships that are certified pursuant to present law (Hudson Initiative-R.S. 39:2001
et seq. and the Veteran Initiative-R.S. 39:2171 et seq.).
Effective upon signature of governor or lapse of time for gubernatorial action.
(Adds R.S. 39:100.171)
Page 2 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.