BUILD ILLINOIS ACT-LOAN LIMIT Senate SponsorsSen. Celina Villanueva-Paul Faraci and Mary Edly-Allen House Sponsors(Rep. Carol Ammons-Dagmara Avelar-Curtis J. Tarver, II-Yolonda Morris-Brandun Schweizer and Kevin Schmidt) 8/9/2024SenatePublic Act . . . . . . . . . 103-1051 30 ILCS 750/9-4.3from Ch. 127, par. 2709-4.3Amends the Build Illinois Act. Provides that the amount of small business loans made to minority persons, veterans, females, or persons with a disability under the Act shall not exceed $2,000,000 (rather than $400,000) or 50% of the business project costs unless the Director of Commerce and Economic Development determines that a waiver of these limits is required to meet the purposes of the Act. Provides that eligible projects under those provisions include refinancing current debt if the loan will refinance a loan previously made by a lender that is unaffiliated with the financial intermediary making the new loan and the proceeds of the refinance transaction are not used to finance an extraordinary dividend or other distribution. 2/9/2024SenateFiled with Secretary by Sen. Celina Villanueva 2/9/2024SenateFirst Reading 2/9/2024SenateReferred to Assignments 2/28/2024SenateAssigned to Executive 2/28/2024SenateAdded as Chief Co-Sponsor Sen. Paul Faraci 3/7/2024SenateDo Pass Executive; 011-000-000 3/7/2024SenatePlaced on Calendar Order of 2nd Reading March 12, 2024 3/14/2024SenateSecond Reading 3/14/2024SenatePlaced on Calendar Order of 3rd Reading March 20, 2024 4/10/2024SenatePlaced on Calendar Order of 3rd Reading ** 4/11/2024SenateAdded as Co-Sponsor Sen. Mary Edly-Allen 4/12/2024SenateThird Reading - Passed; 054-003-000 4/12/2024HouseArrived in House 4/15/2024HouseChief House Sponsor Rep. Carol Ammons 4/15/2024HouseFirst Reading 4/15/2024HouseReferred to Rules Committee 4/24/2024HouseAssigned to Small Business, Tech Innovation, and Entrepreneurship Committee 5/2/2024HouseDo Pass / Short Debate Small Business, Tech Innovation, and Entrepreneurship Committee; 010-000-000 5/2/2024HousePlaced on Calendar 2nd Reading - Short Debate 5/16/2024HouseSecond Reading - Short Debate 5/16/2024HouseHeld on Calendar Order of Second Reading - Short Debate 5/17/2024HouseThird Reading/Final Action Deadline Extended-9(b) May 24, 2024 5/22/2024HouseAdded Alternate Chief Co-Sponsor Rep. Dagmara Avelar 5/23/2024HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/23/2024HouseThird Reading - Short Debate - Passed 109-000-000 5/23/2024SenatePassed Both Houses 5/23/2024HouseAdded Alternate Chief Co-Sponsor Rep. Curtis J. Tarver, II 5/23/2024HouseAdded Alternate Chief Co-Sponsor Rep. Yolonda Morris 5/23/2024HouseAdded Alternate Chief Co-Sponsor Rep. Brandun Schweizer 5/23/2024HouseAdded Alternate Co-Sponsor Rep. Kevin Schmidt 6/21/2024SenateSent to the Governor 8/9/2024SenateGovernor Approved 8/9/2024SenateEffective Date January 1, 2025 8/9/2024SenatePublic Act . . . . . . . . . 103-1051