Actually, this has happened on before - and the user in question reported that he couldn't. You cannot award a bounty while suspended..
We don't typically refund bounties when a user is suspended. If a question needs to be closed, and the bounty is stopping that from happening, we will do so.
You can get the "half" bounty amount from having posted after the question is bountied, and having at least +2 and having more upvotes than any other eligible question if any, since the bounty isn't/can't be awarded manually