IL SB4028

Establishes the COVID-19 Small Business Relief Program administered by the Department of Commerce and Economic Opportunity to provide financial assistance to businesses affected by forced closures or inability to operate under Tier 3 of the Governor's Restoring Illinois plan.

Authorizes the Department to provide grants, expense reimbursements, and subsidies directly to qualifying businesses or through qualified partners (financial institutions or nonprofits) using funds from the State Coronavirus Urgent Remediation Emergency Fund.

Permits the Department to adopt emergency rules to implement the program, including application procedures, grant agreements, certifications, and payment methodologies.

Requires all program spending to be reimbursable under Section 5001 of the federal CARES Act (Coronavirus Aid, Relief, and Economic Security Act) or other applicable federal COVID-19 legislation.

Grants the Department authority to enter into agreements with federal agencies, local governments, financial institutions, and nonprofits; establishes staffing and administrative support; and repeals the emergency rulemaking authority on January 1, 2026.