Illinois Administrative Code › Title 14 - COMMERCE › Part 650 - CANNABIS SOCIAL EQUITY PROGRAM › Section 650.30 - Loan and Financial Assistance Program Application Documentation

Current through Register Vol. 48, No. 28, July 12, 2024
Receipt of an application to the Program does not commit the
				Department to award a loan or line of credit or to pay any costs incurred by a
				Business Applicant in preparation of an application. Written applications will
				be required and must be submitted on the standard application form provided by
				the Department.
a) Applications shall
			 be submitted to the Department office location identified on the application.
			 The application for loans and lines of credit will include:
1) Social Equity Applicant Status Information
A) DFPR or DOA Certification shall be
			 provided. Certification means any letter or other written documentation from
			 DFPR or DOA verifying the applicant's status as a Social Equity Applicant or a
			 Qualified Social Equity Applicant for a license issued by that agency. This
			 verification may be provided at any time prior to entering into the loan or
			 line of credit agreement.
B) The
			 Business Applicant shall provide:
i) Proof of
			 the Business Applicant's Illinois Residency. The proof must consist of at least
			 two residency records. Residency will be verified at the time of application to
			 the Program and certified by the borrower at closing. The Department may
			 require more than two residency records to confirm eligibility.
ii) Owner Information. If the Business
			 Applicant's eligibility is based on the majority of its owners having resided
			 in a Disproportionately Impacted Area, the Business Applicant shall provide,
			 for each owner who is relevant to the eligibility determination, the following:
* at least two residency records that establish residency in a
				Disproportionately Impacted Area for 5 of the 10 years preceding the
				application; and
* organizational and ownership records requested by the
				Department.
iii)
			 Eligibility Documentation. If the Business Applicant's eligibility is based on
			 the majority of its owners having been arrested for, convicted of, or
			 adjudicated delinquent for any offense that is eligible for expungement under
			 the CI Act or being a member of an impacted family, the Business Applicant
			 shall provide, for each owner who is relevant to the eligibility determination,
			 a record of the arrest, conviction or adjudication from the responsible legal
			 authority. If an owner is a member of an impacted family, the Business
			 Applicant may be required to provide proof (e.g., copies of birth certificates
			 or other records) of the owner's relation to the individual who was arrested
			 for, convicted of, or adjudicated delinquent for such an offense.
iv) Employee Information. If the Business
			 Applicant has at least 10 full-time employees at the time of its application,
			 it may be considered a Social Equity Applicant if at least 51% of its full-time
			 employees reside in a Disproportionately Impacted Area or have been arrested
			 for, convicted of, or adjudicated delinquent for any offense that is eligible
			 for expungement under the CI Act or a member of an impacted family. A Business
			 Applicant eligible under this criterion shall provide, for each relevant
			 employee:
* a W-2 issued to the employee by the Business Applicant and
				the two most recent pay stubs if the employee was first employed by the
				Business Applicant prior to January 1, 2019. If an employee was first employed
				by the Business Applicant after January 1, 2019, then the Business Applicant
				may provide a copy of the W-4 and the two most recent pay stubs. "Most recent"
				means the two regular pay periods most proximate to the date the application is
				submitted to the Department. In lieu of W-4s, a Business Applicant may submit
				copies of the New Hire Reporting Form that it submitted to the Illinois
				Department of Employment Security for that employee;
* the Business Applicant's most recent payroll run; and
* the residency records for the employee or the arrest,
				conviction or adjudication records. If the employee is a member of an impacted
				family, the Business Applicant shall also provide proof of the employee's
				relation to the individual who was arrested for, convicted of, or adjudicated
				delinquent for an offense eligible for expungement under the CI Act.
v) Impact of Cannabis-Related
			 Laws. The Business Applicant shall provide a brief narrative of how the
			 Business Applicant, its owners, or its employees were directly and adversely
			 impacted by the enforcement of cannabis-related laws and any supporting
			 documents (e.g., criminal history or case records, affidavits of impacted
			 individuals, public records and news articles; evidence of business or
			 employment opportunities being denied because of criminal history,
			 etc.).
vi) Maintenance of Status. A
			 statement that a Business Applicant approved for a conditional commitment
			 letter will maintain its status as a Social Equity
			 Applicant.