Illinois House Bill 3942

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 17 2023 - 25% progression
Action: 2023-02-27 - Added Chief Co-Sponsor Rep. Harry Benton
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

DCEO-SMALL BUSINESS LOAN PROG

Rep. Dave Vella [D]

Rep. Harry Benton [D]

Date	Chamber	Action
2023-02-27	House	Added Chief Co-Sponsor Rep. Harry Benton
2023-02-17	House	Referred to Rules Committee
2023-02-17	House	First Reading
2023-02-17	House	Filed with the Clerk by Rep. Dave Vella

Chapter	Article	Section	Citation Type	Statute Text
20	605	605-1097	New Code	See Bill Text
30	750	9-4.8	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3942&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB3942.htm