SPRINGFIELD – As businesses get creative to find ways to recover from the COVID-19 pandemic, a law sponsored by State Senator Suzy Glowiak Hilton (D-Western Springs) will offer a solution to help ease financial burdens.

“Local governments are capable of deciding what is best for the local business community’s financial future,” Glowiak Hilton said. “To provide support where it’s needed most, this law allows units of local government to determine where waiving fees would be beneficial to a struggling business.”

The law creates an option for counties and municipalities to waive licensing, permitting or registration fees for local businesses and services. To qualify, businesses must demonstrate financial need from the pandemic.

Counties and municipalities regulate businesses in a multitude of industries that may qualify, including bars, restaurants, construction, insurance, transportation, tourism and entertainment.

“Numerous industries have faced unique challenges over the last year and a half,” Glowiak Hilton said. “This proposal allows governments to offer relief to any local business that demonstrates financial loss.”

House Bill 2454 is effective immediately.

OAKBROOK TERRACE – State Senator Suzy Glowiak Hilton (D-Western Springs) and members of the Senate Appropriations and Commerce Committees will hold a joint hearing Thursday, Aug. 12 at noon to discuss the Back 2 Business small business recovery program. 

“Local businesses of all sizes and industries have faced various economic disruptions over the past year,” Glowiak Hilton said, who chairs the Senate Commerce Committee. “This hearing is a collaborative effort to encourage open conversation and provide the small business community an opportunity to address DCEO and their elected officials directly.”

The B2B program, administered by the Illinois Department of Commerce and Economic Opportunity, is expected to distribute $300 million in economic relief to small businesses across the state to help offset losses related to the COVID-19 pandemic.

Only testimony on the subject matter will be heard.

A livestream of the committee hearing can be viewed when proceedings begin at www.ilga.gov.  

Who: Members of the Senate Appropriations and Commerce Committees

What: Subject matter hearing on the Back 2 Business grant program

When: Thursday, Aug. 12 at noon

Where: Room C600 of the Bilandic Building, 160 N. LaSalle St., Chicago, IL 60601 or Virtual Room 1 on www.ilga.gov

OAKBROOK TERRACE – Moody’s Investor Services has upgraded Illinois’ General Obligation bond rating for the first time in more than 20 years, and State Senator Suzy Glowiak Hilton (D-Western Springs) is crediting the General Assembly’s work to get the state to this point. 

“Moody’s upgrade indicates our state is making responsible budgetary decisions—it should give Illinois taxpayers a sense of relief,” Glowiak Hilton said. “By enacting balanced budgets and prioritizing fiscal stability in recent years, we’ve put Illinois on a path to a brighter future.”

Moody’s Investors Services, one of the nation’s primary credit rating agencies, recently upgraded Illinois’ General Obligation bonds a step closer to the top rating. The upgrade signals a more stable outlook for Illinois’ economy, meaning state borrowing will cost less, which will in turn save taxpayers money.

The analysis highlighted the Fiscal Year 2022 budget for the upgrade. Moody’s stated increased pension contributions, repayment of emergency Federal Reserve borrowings, and constrained use of federal aid from the American Rescue Plan Act are to thank for the increased rating. 

This is the second positive rating action for Illinois in a week, following an outlook improvement from Fitch.