IL HB5264

Department of Commerce and Economic Opportunity (DCEO) must establish a low-interest loan program for small businesses negatively impacted by federal immigration enforcement activities.

Loans up to $50,000 per business at a fixed 2% interest rate with a maximum 5-year repayment term and 6-month deferral period before payments begin.

Eligible businesses must have 50 or fewer employees, gross receipts of $3,000,000 or less in the prior year, and be materially impacted by or located in an area affected by federal immigration enforcement.

Governor must declare an economic emergency based on objective indicators such as reduced foot traffic, declining sales, workforce disruptions, or business closures before loans can be issued.

Creates the Federal Immigration Recovery Fund in the State treasury; DCEO may administer the program directly or through partnerships with banks, credit unions, or community development financial institutions.