Synopsis As Introduced Creates the Illinois Emergency Employment Development Act. Authorizes the Governor to appoint an Illinois Emergency Employment Development Coordinator to administer the Act, and specifies the Coordinator's other duties and powers. Creates the Illinois Emergency Development Task Force to advise the Coordinator. Authorizes funds appropriated under the Act to be used to subsidize employee wages and benefits, to reimburse the Department of Employment Security for certain expenses, and to provide child care, workers' compensation coverage, and job search assistance. Specifies the powers and duties of Employment Administrators. Specifies the contractual assurances that businesses must give to remain eligible for subsidies under the Act. Sets forth criteria for allocating funds among eligible businesses. Requires businesses to repay 70% of amounts received if eligible applicants do not continue in their employment beyond 6 months. Prohibits eligible employers from terminating, laying off, or reducing the working hours of employees in order to hire an individual with funds made available under this Act. Creates a work incentive demonstration project. Provides for the termination of the program. Amends the State Finance Act to create the Illinois Emergency Employment Development Fund as a special fund in the State treasury. Effective July 1, 2010.