Synopsis As Introduced Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Authorizes the Department of Commerce and Economic Opportunity to make participation loans to small businesses that are at least 51% owned and managed by one or more persons who are veterans for the purposes of promoting the creation of veteran-owned small businesses and promoting the creation of jobs within small businesses. Provides that a loan may not exceed $100,000 or 50% of the business project costs. Provides that a loan may be made only if, in the Department's judgment, the number of jobs to be created is reasonable in relation to the loan funds requested. Provides that a loan must be protected by security. Effective immediately.
House Committee Amendment No. 1 Provides that neither the Governor nor any agency or agency head under the jurisdiction of the Governor has any rulemaking authority under the amendatory Act, but that the Governor may suggest rules by filing them with the General Assembly and requesting that the General Assembly authorize such rulemaking by law, enact the suggested rules into law, or take other appropriate action in the General Assembly's discretion.