SB3339

Illinois SB3339 establishes a Small Business Stabilization Grant Program to provide financial aid to small businesses facing hardship.

Illinois SB3339 amends the Department of Commerce and Economic Opportunity Law to create the Small Business Stabilization Grant Program. This program will offer grants up to $25,000 to eligible small businesses experiencing financial difficulties. Priority will be given to businesses with fewer than 10 employees and those in economically distressed areas. The grants can be used for working capital, payroll, rent, utilities, or equipment expenses. The Department of Commerce and Economic Opportunity will implement this program and may adopt necessary rules.