The Small Business Administration (SBA) announced funds for its $29-billion restaurant pandemic relief program were exhausted—leaving nearly two-thirds of applicants out of the money, The Chicago Tribune reported.
In Illinois, 4,524 restaurants received grants totaling more than $1.4 billion, with an average grant of about $309,000, the SBA said.
The SBA did not reveal how many Illinois restaurants applied. Nationally, the SBA received more than 278,000 applications seeking more than $72 billion in funding.
Launched in April as part of President Joe Biden's $1.9 trillion COVID-19 relief package, the Restaurant Revitalization Fund offered the struggling industry grants to cover pandemic-related losses—up to $10 million per business and $5 million per location.
