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IL HB5274

Bill

Official Source

Status

Introduced

1/27/2022

Primary Sponsor

Nicholas Smith

Click for details

Origin

House of Representatives

102nd General Assembly

AI Summary

  • Department of Commerce and Economic Opportunity shall establish and maintain the Small Business Emergency Loan Program
  • Program offers low-interest loans up to $50,000 to eligible small businesses for working capital purposes
  • At least 50% of loan proceeds must be applied toward payroll or eligible compensation including salaries, wages, paid leave, and group healthcare benefits
  • Funding comes from the State Small Business Credit Initiative Fund
  • Department shall prescribe borrower eligibility requirements, loan terms, and adopt necessary implementation rules

Legislative Description

DCEO-SMALL BUSINESS LOAN PROG

Last Action

Added Co-Sponsor Rep. Maurice A. West, II

4/1/2022

Committee Referrals

Rules3/4/2022
State Government Administration2/9/2022
Rules1/31/2022

Full Bill Text

No bill text available