IL SB3358

Establishes the Illinois Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Matching Funds Program administered by the Department of Commerce and Economic Opportunity.

Provides grants up to $50,000 to match federal SBIR/STTR Phase I awards, with 75% distributed upon Phase I award receipt and 25% distributed upon Phase II proposal submission.

Requires eligible businesses to be for-profit Illinois-based entities with principal place of business in the state, must satisfy all federal SBIR/STTR requirements, and must conduct at least 51% of research in Illinois.

Limits each business to one grant per year, one grant per federal proposal submission, and a maximum of 5 awards over its lifetime.

Effective July 1, 2020.