GOVERNMENT AFFAIRS
------------Report
April 29th, 2022

This Week in Illinois
Q1 2022 Small Business Index

The US Chamber of Commerce & MetLife have released the 2022 Quarter 1 Small Business Index that tracks small business sentiments both regionally and nationally over time. The score for Q1 2022 was 64.1, up from 63.0 in last year's final quarter. These past two scores are consistent with each other and represent the highest index rating since a pandemic low of 39.5 in the second quarter of 2020. Before the onset of the pandemic, the index reached a score of 71.7.

Provided below are some of the key findings of the report:
  • 85 percent of small business owners are concerned about the impact of inflation on their business operations.
  • 33 percent of business owners consider inflation their biggest challenge.
  • 67 percent of small businesses say they have had to raise their prices in response to this challenge.
  • 76 percent of small business owners are concerned about supply chain delays disrupting their business operations.
  • 24 percent of business owners consider this their biggest challenge
  • Only 26 percent of small businesses consider the US economy to be in good health
  • 61 percent of US Small businesses rate the the health of their business as "somewhat good" or "very good."
  • This is compared to 58 percent of small businesses in the Midwest.

This data was collected through interviews with 750 small business owners and operators from across the United States. Read more about the the methodology for the report here.

Read and interact with the full report here.

Illinois Receives Credit Rating Upgrade from Moody's

On April 21st, Moody's Investor Services announced that they had upgraded the State's credit rating in a few different categories. Moody's upgraded Illinois' issuer rating to Baa1 from Baa2. The State's outstanding general obligation bonds and outstanding Build Illinois Sales tax bonds were upgraded from Baa2 to Baa1 as well. The outlook is stable. Issuer rating and general obligation bonds rating consider the availability of State revenue to pay back the bonds.

As noted in the release, Moody's said the upgrade was warranted by the state's tax revenue growth in the past year as well as efforts to pay down accounts payable and long term liabilities. Moody's said that challenges due to remain for the State. One of those challenges being slower expansion of the State economy in the past decade as compared to most other states.
Legislative Update: Bills of Interest Signed into Law

A limited number of bills were signed into law this week.

HB 4798, Substitute Teaching/University Program was signed into law. This bill allows a substitute teaching license to be issued to an in individual enrolled in an approved educator preparation program in this state and have earned at least 90 credit hours.

SB 3988, Education Paraprofessionals was signed into law after passing both chambers unanimously. This bill Allows a paraprofessional educator endorsement on an Educator License with Stipulations to be issued to an applicant who is at least 18 years of age only until the individual reaches the age of 19 years and otherwise meets the criteria for a paraprofessional educator endorsement.

Session Update

The House and Senate were both in Springfield for the final day of Spring Session on April 8th. There are no further session dates scheduled at this time. Veto Session can be expected to commence after the election in early late November or early December but no official dates have been released.


Small Business News from the US Chamber: Dream Big Awards

The U.S. Chamber’s Dream Big Awards program has officially opened for 2022 application submissions. Applications from small business owners through July 8, 2022.  

Every year at The Big Week for Small Business, the Dream Big Awards program honors the achievements of small businesses and highlights their contributions to America’s economic growth. The 2022 Small Business of the Year award winner will receive national recognition and a $25,000 cash prize!

A business must meet the following requirements to be eligible for the Dream Big Small Business of the Year Award or a Business Achievement Award.

  • For-profit business operating for at least one (1) year primarily within the United States.
  • Have less than 250 employees OR gross revenues of less than $20 million for each of 2021 and 2022.

The Award categories are as follows:

  • Emerging Business
  • Green/Sustainable Business
  • Minority-Owned Business
  • Veteran-Owned Business
  • Woman-Owned Business
  • Young Entrepreneur Business
  • LGBTQ-Owned Business
  • Community Support and Leadership Award

Learn more about the Dream Big Awards here.

Find the application from the US Chamber here.

A local Chamber of Commerce or trade/economic development group can refer a small business here.
Register for the Infrastructure Quarterly Council Meeting Here
Webinar: Future of Work

Successful business leaders are always looking to plan for the future. As the economy emerges from the COVID pandemic, the conversation on the Future of Work has taken heightened intensity. Companies are launching “Future of Work” teams and legislatures across the country are studying policies that will shape the workforce for the next decade. Join the Illinois Chamber as we have a conversation with nationwide business leaders on the future of work, and what you can do to prepare.

Date/Time: May 25, 2022 | 10:30 am – 12:00 pm
Title: Future of Work Virtual Conference

Register today Here!
Illinois Chamber 2022 End of Session Report
Connect with the Chamber
If you have questions about the Government Affairs Report, contact Clark Kaericher at ckaericher@ilchamber.org. Do not reply to this email.