IL
Illinois House Bill HB3942

Illinois 2023-2024 Regular Session

Illinois House Bill HB3942 Compare Versions

Only one version of the bill is available at this time.
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11 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3942 Introduced , by Rep. Dave Vella SYNOPSIS AS INTRODUCED: 20 ILCS 605/605-1097 new30 ILCS 750/9-4.8 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. LRB103 25447 HLH 51796 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3942 Introduced , by Rep. Dave Vella SYNOPSIS AS INTRODUCED: 20 ILCS 605/605-1097 new30 ILCS 750/9-4.8 20 ILCS 605/605-1097 new 30 ILCS 750/9-4.8 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. LRB103 25447 HLH 51796 b LRB103 25447 HLH 51796 b A BILL FOR
22 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3942 Introduced , by Rep. Dave Vella SYNOPSIS AS INTRODUCED:
33 20 ILCS 605/605-1097 new30 ILCS 750/9-4.8 20 ILCS 605/605-1097 new 30 ILCS 750/9-4.8
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66 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.
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1212 1 AN ACT concerning State government.
1313 2 Be it enacted by the People of the State of Illinois,
1414 3 represented in the General Assembly:
1515 4 Section 5. The Department of Commerce and Economic
1616 5 Opportunity Law of the Civil Administrative Code of Illinois
1717 6 is amended by adding Section 605-1097 as follows:
1818 7 (20 ILCS 605/605-1097 new)
1919 8 Sec. 605-1097. Small Business Emergency Loan Program. The
2020 9 Department of Commerce and Economic Opportunity shall
2121 10 establish and maintain the Small Business Emergency Loan
2222 11 Program. From funds made available to the Department from the
2323 12 State Small Business Credit Initiative Fund, the Department
2424 13 shall offer low-interest loans of up to $50,000 to eligible
2525 14 small businesses for working capital, with at least 50% of
2626 15 loan proceeds to be applied toward payroll or other eligible
2727 16 compensation, including, but not limited to, salaries, wages,
2828 17 paid leave, and group healthcare benefits. Borrower
2929 18 eligibility and loan terms under the Program shall be as
3030 19 prescribed by the Department. The Department shall adopt rules
3131 20 necessary for the implementation of this Section.
3232 21 Section 10. The Build Illinois Act is amended by changing
3333 22 Section 9-4.8 as follows:
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3737 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3942 Introduced , by Rep. Dave Vella SYNOPSIS AS INTRODUCED:
3838 20 ILCS 605/605-1097 new30 ILCS 750/9-4.8 20 ILCS 605/605-1097 new 30 ILCS 750/9-4.8
3939 20 ILCS 605/605-1097 new
4040 30 ILCS 750/9-4.8
4141 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.
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7070 1 (30 ILCS 750/9-4.8)
7171 2 Sec. 9-4.8. State Small Business Credit Initiative Fund.
7272 3 (a) There is hereby created the State Small Business
7373 4 Credit Initiative Fund, also referred to in this Article as
7474 5 the "SSBCI Fund", as a special fund in the State treasury.
7575 6 The purpose of the SSBCI Fund is to finance intermediary
7676 7 agreements, administration, technical assistance agreements,
7777 8 loans, grants, or investments in Illinois. Investments,
7878 9 administration grants, and financial aid shall be used for the
7979 10 purposes set forth in this Article and for the purposes set
8080 11 forth in Section 605-1097 of the Department of Commerce and
8181 12 Economic Opportunity Law of the Civil Administrative Code of
8282 13 Illinois. Loan financing shall be in the form of loan
8383 14 agreements pursuant to the terms and conditions set forth in
8484 15 this Article, except that loan agreements entered into under
8585 16 Section 605-1097 of the Department of Commerce and Economic
8686 17 Opportunity Law of the Civil Administrative Code of Illinois
8787 18 shall be pursuant to the terms and conditions of that Section
8888 19 and rules adopted under the authority of that Section. All
8989 20 loans for the purposes of this Article shall be conditioned on
9090 21 the project receiving financing from participating lenders or
9191 22 other investors.
9292 23 (b) The following amounts shall be deposited into the
9393 24 SSBCI Fund:
9494 25 (1) all receipts, including dividends, principal and
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105105 1 interest payments, and royalties, from any applicable
106106 2 loan, intermediary, or technical assistance agreement made
107107 3 from the SSBCI Fund or from direct appropriations from the
108108 4 Build Illinois Bond Fund or the General Revenue Fund by
109109 5 the General Assembly entered into by the Department;
110110 6 (2) all proceeds of assets of whatever nature received
111111 7 by the Department as a result of default or delinquency
112112 8 with respect to a loan agreement made from the SSBCI Fund
113113 9 or from direct appropriations by the General Assembly,
114114 10 including proceeds from the sale, disposal, lease, or
115115 11 rental of real or personal property that the Department
116116 12 may receive as a result thereof;
117117 13 (3) any appropriations, grants, or gifts made to the
118118 14 SSBCI Fund;
119119 15 (4) any income received from interest on investments
120120 16 of moneys in the SSBCI Fund;
121121 17 (5) all moneys resulting from the collection of
122122 18 premiums, fees charges, costs, and expenses described in
123123 19 subsection (e) of Section 9-3.
124124 20 (c) The Treasurer may invest moneys in the SSBCI Fund in
125125 21 securities constituting obligations of the United States
126126 22 Government, or in obligations the principal of and interest on
127127 23 which are guaranteed by the United States Government, or in
128128 24 certificates of deposit of any State or national bank which
129129 25 are fully-secured by obligations guaranteed as to principal
130130 26 and interest by the United States Government.
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141141 1 (Source: P.A. 100-377, eff. 8-25-17.)
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