Illinois General Assembly - Bill Status for HB3942

Synopsis As Introduced
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. Amends the Build Illinois Act to make conforming changes.

Actions

Date	Chamber	Action
2/17/2023	House	Filed with the Clerk by Rep. Dave Vella
2/17/2023	House	First Reading
2/17/2023	House	Referred to Rules Committee
2/27/2023	House	Added Chief Co-Sponsor Rep. Harry Benton

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