Illinois General Assembly - Full Text of HB5274
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Full Text of HB5274  102nd General Assembly

HB5274 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5274

 

Introduced 1/31/2022, by Rep. Nicholas K. Smith

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 605/605-1095 new

    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.


LRB102 25450 RJF 34736 b

 

 

A BILL FOR

 

HB5274LRB102 25450 RJF 34736 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Department of Commerce and Economic
5Opportunity Law of the Civil Administrative Code of Illinois
6is amended by adding Section 605-1095 as follows:
 
7    (20 ILCS 605/605-1095 new)
8    Sec. 605-1095. Small Business Emergency Loan Program. The
9Department of Commerce and Economic Opportunity shall
10establish and maintain the Small Business Emergency Loan
11Program. From funds made available to the Department from the
12State Small Business Credit Initiative Fund, the Department
13shall offer low-interest loans of up to $50,000 to eligible
14small businesses for working capital, with at least 50% of
15loan proceeds to be applied toward payroll or other eligible
16compensation, including, but not limited to, salaries, wages,
17paid leave, and group healthcare benefits. Borrower
18eligibility and loan terms under the Program shall be as
19prescribed by the Department. The Department shall adopt rules
20necessary for the implementation of this Section.