Illinois General Assembly - Bill Status for SB3807
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 Bill Status of SB3807  103rd General Assembly

Short Description:  BUILD ILLINOIS ACT-LOAN LIMIT

Senate Sponsors
Sen. Celina Villanueva - Paul Faraci and Mary Edly-Allen

House Sponsors
(Rep. Carol Ammons)

Hearings
Small Business, Tech Innovation, and Entrepreneurship Committee Hearing May 2 2024 9:00AM Stratton Building Room C-1 Springfield, IL


Last Action
DateChamber Action
  4/24/2024HouseAssigned to Small Business, Tech Innovation, and Entrepreneurship Committee

Statutes Amended In Order of Appearance
30 ILCS 750/9-4.3from Ch. 127, par. 2709-4.3


Synopsis As Introduced
Amends the Build Illinois Act. Provides that the amount of small business loans made to minority persons, veterans, females, or persons with a disability under the Act shall not exceed $2,000,000 (rather than $400,000) or 50% of the business project costs unless the Director of Commerce and Economic Development determines that a waiver of these limits is required to meet the purposes of the Act. Provides that eligible projects under those provisions include refinancing current debt if the loan will refinance a loan previously made by a lender that is unaffiliated with the financial intermediary making the new loan and the proceeds of the refinance transaction are not used to finance an extraordinary dividend or other distribution.

Actions 
DateChamber Action
  2/9/2024SenateFiled with Secretary by Sen. Celina Villanueva
  2/9/2024SenateFirst Reading
  2/9/2024SenateReferred to Assignments
  2/28/2024SenateAssigned to Executive
  2/28/2024SenateAdded as Chief Co-Sponsor Sen. Paul Faraci
  3/7/2024SenateDo Pass Executive; 011-000-000
  3/7/2024SenatePlaced on Calendar Order of 2nd Reading March 12, 2024
  3/14/2024SenateSecond Reading
  3/14/2024SenatePlaced on Calendar Order of 3rd Reading March 20, 2024
  4/10/2024SenatePlaced on Calendar Order of 3rd Reading **
  4/11/2024SenateAdded as Co-Sponsor Sen. Mary Edly-Allen
  4/12/2024SenateThird Reading - Passed; 054-003-000
  4/12/2024HouseArrived in House
  4/15/2024HouseChief House Sponsor Rep. Carol Ammons
  4/15/2024HouseFirst Reading
  4/15/2024HouseReferred to Rules Committee
  4/24/2024HouseAssigned to Small Business, Tech Innovation, and Entrepreneurship Committee

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