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
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
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
LRB103 25447 HLH 51796 b
A BILL FOR
HB3942LRB103 25447 HLH 51796 b HB3942 LRB103 25447 HLH 51796 b
HB3942 LRB103 25447 HLH 51796 b
1 AN ACT concerning State government.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Department of Commerce and Economic
5 Opportunity Law of the Civil Administrative Code of Illinois
6 is amended by adding Section 605-1097 as follows:
7 (20 ILCS 605/605-1097 new)
8 Sec. 605-1097. Small Business Emergency Loan Program. The
9 Department of Commerce and Economic Opportunity shall
10 establish and maintain the Small Business Emergency Loan
11 Program. From funds made available to the Department from the
12 State Small Business Credit Initiative Fund, the Department
13 shall offer low-interest loans of up to $50,000 to eligible
14 small businesses for working capital, with at least 50% of
15 loan proceeds to be applied toward payroll or other eligible
16 compensation, including, but not limited to, salaries, wages,
17 paid leave, and group healthcare benefits. Borrower
18 eligibility and loan terms under the Program shall be as
19 prescribed by the Department. The Department shall adopt rules
20 necessary for the implementation of this Section.
21 Section 10. The Build Illinois Act is amended by changing
22 Section 9-4.8 as follows:
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
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
LRB103 25447 HLH 51796 b
A BILL FOR
20 ILCS 605/605-1097 new
30 ILCS 750/9-4.8
LRB103 25447 HLH 51796 b
HB3942 LRB103 25447 HLH 51796 b
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HB3942 - 2 - LRB103 25447 HLH 51796 b
1 (30 ILCS 750/9-4.8)
2 Sec. 9-4.8. State Small Business Credit Initiative Fund.
3 (a) There is hereby created the State Small Business
4 Credit Initiative Fund, also referred to in this Article as
5 the "SSBCI Fund", as a special fund in the State treasury.
6 The purpose of the SSBCI Fund is to finance intermediary
7 agreements, administration, technical assistance agreements,
8 loans, grants, or investments in Illinois. Investments,
9 administration grants, and financial aid shall be used for the
10 purposes set forth in this Article and for the purposes set
11 forth in Section 605-1097 of the Department of Commerce and
12 Economic Opportunity Law of the Civil Administrative Code of
13 Illinois. Loan financing shall be in the form of loan
14 agreements pursuant to the terms and conditions set forth in
15 this Article, except that loan agreements entered into under
16 Section 605-1097 of the Department of Commerce and Economic
17 Opportunity Law of the Civil Administrative Code of Illinois
18 shall be pursuant to the terms and conditions of that Section
19 and rules adopted under the authority of that Section. All
20 loans for the purposes of this Article shall be conditioned on
21 the project receiving financing from participating lenders or
22 other investors.
23 (b) The following amounts shall be deposited into the
24 SSBCI Fund:
25 (1) all receipts, including dividends, principal and
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1 interest payments, and royalties, from any applicable
2 loan, intermediary, or technical assistance agreement made
3 from the SSBCI Fund or from direct appropriations from the
4 Build Illinois Bond Fund or the General Revenue Fund by
5 the General Assembly entered into by the Department;
6 (2) all proceeds of assets of whatever nature received
7 by the Department as a result of default or delinquency
8 with respect to a loan agreement made from the SSBCI Fund
9 or from direct appropriations by the General Assembly,
10 including proceeds from the sale, disposal, lease, or
11 rental of real or personal property that the Department
12 may receive as a result thereof;
13 (3) any appropriations, grants, or gifts made to the
14 SSBCI Fund;
15 (4) any income received from interest on investments
16 of moneys in the SSBCI Fund;
17 (5) all moneys resulting from the collection of
18 premiums, fees charges, costs, and expenses described in
19 subsection (e) of Section 9-3.
20 (c) The Treasurer may invest moneys in the SSBCI Fund in
21 securities constituting obligations of the United States
22 Government, or in obligations the principal of and interest on
23 which are guaranteed by the United States Government, or in
24 certificates of deposit of any State or national bank which
25 are fully-secured by obligations guaranteed as to principal
26 and interest by the United States Government.
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1 (Source: P.A. 100-377, eff. 8-25-17.)
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