They said small businesses need access to credit, in order to grow and hire new employees. The new law will create a $30 billion government fund to help Main Street banks lend to small businesses.
A suburban businessman explained how it would benefit his company.
"It will allow us to have the opportunity to add up to 20 more employees to our existing employee base. And in addition, I know it will have a positive impact on some of the customers that we serve," said Pete Kennedy of Quality Flow, Inc.
The Democratic candidate for Illinois's other Senate seat Alexi Giannoulias supports the bill.
His opponent, Republican Congressman Mark Kirk, voted against it.
Kirk calls it "another government bailout program." He also said it had some provisions that were detrimental to businesses.