HB5274 102ND GENERAL ASSEMBLY

LRB102 25450 RJF 34736 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5274

Introduced 1/31/2022, by Rep. Nicholas K. Smith

SYNOPSIS AS INTRODUCED:

20 ILCS 605/605-1095 new

Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity shall establish the Small Business Emergency Loan Program. Provides that from funds made available to the Department from the State Small Business Credit Initiative Fund, the Department shall offer low-interest loans of up to $50,000 to eligible small businesses for working capital, with at least 50% of loan proceeds to be applied for specified purposes. Provides that borrower eligibility and loan terms under the Program shall be as prescribed by the Department. Provides for the adoption of rules.

A BILL FOR

AN ACT concerning State government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois is amended by adding Section 605-1095 as follows:

(20 ILCS 605/605-1095 new)

Sec. 605-1095. Small Business Emergency Loan Program. The Department of Commerce and Economic Opportunity shall establish and maintain the Small Business Emergency Loan Program. From funds made available to the Department from the State Small Business Credit Initiative Fund, the Department shall offer low-interest loans of up to $50,000 to eligible small businesses for working capital, with at least 50% of loan proceeds to be applied toward payroll or other eligible compensation, including, but not limited to, salaries, wages, paid leave, and group healthcare benefits. Borrower eligibility and loan terms under the Program shall be as prescribed by the Department. The Department shall adopt rules necessary for the implementation of this Section.