Ill. Admin. Code tit. 92, § 5.140 - Ineligible Expenditures

Current through Register Vol. 46, No. 15, April 8, 2022

Loan funds shall not be used for:

a) refinancing or payment of existing long-term debt exceeding 12 months;
b) payment of non-current or delinquent taxes;
c) payments, advances, loans, dividends or bonuses to stockholders, officers, directors, partners, or member owners of limited liability companies;
d) the purchase or lease of non-construction motor vehicles or equipment (Section 2705-610(f) of the Law);
e) payment of expenses incurred on projects that are not within the scope of the loan or this Part; or
f) security or collateral for another or different loan or debt.

Notes

Ill. Admin. Code tit. 92, § 5.140

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