Bill Status of HB3942  103rd General Assembly


House Sponsors
Rep. Dave Vella - Harry Benton

Last Action
DateChamber Action
  2/17/2023HouseReferred to Rules Committee

Statutes Amended In Order of Appearance
20 ILCS 605/605-1097 new
30 ILCS 750/9-4.8

Synopsis As Introduced
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. Amends the Build Illinois Act to make conforming changes.

DateChamber Action
  2/17/2023HouseFiled with the Clerk by Rep. Dave Vella
  2/17/2023HouseFirst Reading
  2/17/2023HouseReferred to Rules Committee
  2/27/2023HouseAdded Chief Co-Sponsor Rep. Harry Benton