With grants from the Restaurant Revitalization Fund become available, many foodservice operators scramble to classify the documents related to these subsidies âfirst come, first servedâ. Leading the way in helping the restaurant industry file for RRF grants is AG FinTax.
After successfully helping small business owners from all walks of life in 2020 receive over $ 150 million in P3 loans, the company is once again here to help the restaurant industry. AG FinTax Founder and CEO Anil Grandhi had this to say about his company’s readiness to help foodservice operators across the country; âWe have a team of professionals who have closely studied the grant program, including eligible entities and the evidence needed to apply. Restaurant owners typically work very long hours and wear so many hats, like the manager, accountant, and occasional waiter, that they are unlikely to have the time or resources to put together the documents needed to submit their application in a timely manner. . Since funds are administered on a first come, first served basis, there is concern that funds may not be available to all eligible businesses. “
For those wondering if the Seattle (WA)-based company would be able to help them beat the rush of applicants, Grandhi has an answer. âWe can do this remotely, using secure, encrypted portals to exchange data. The onboarding process is quick and we’ll be able to file applications faster than if a restaurant owner had to spend time doing it alone, âsaid Grandhi. âWe have helped 200 small business owners with P3 and were able to get over $ 150 million in this program. This is my expertise. Both in the first and second rounds, none of our PPP applications were rejected. All were accepted.
In addition to knowing how to file your application quickly and efficiently, AG FinTax also knows who is eligible to receive funds for the RRF, in addition to the amount of grant a restaurant is eligible to receive. “Eligible entities are a restaurant, a food stand, a food truck, a food cart, a caterer, a saloon, an inn, a tavern, a bar, a lounge, a brasserie, a tasting room, a taproom, a licensed facility or establishment of a beverage alcohol producer where the public can taste, sample or purchase products and other similar places where the public or customers gather for the primary purpose of being served food or drink, âGrandhi said.
âOnce you qualify as an eligible entity, you can receive a grant equal to the amount of its pandemic-related loss of income, which is the difference between the gross income for 2019 and 2020. If you received a loan PPP at the first, second or both, this amount is deducted to arrive at the loss. These funds are grants and should absolutely not be repaid unless you shut down your business for good. “
According to Grandhi, RRF grants can be used to meet a wide range of financial needs that restaurants are currently facing due to the pandemic. âGenerally speaking, the funds granted can be used for the construction of outdoor restaurants, personal protective equipment, cleaning and hygiene supplies, salaries, wage charges, mortgage payments, rent, Utilities, operating expenses and other related costs and any other expenses that the SBA deems essential to the upkeep of the restaurant are generally covered, âsaid Grandhi. âMany restaurants did not pay their employees. If they haven’t paid their lease, they can pay it nowâ¦ they can go back and get well.
For those who wish to contact AG FinTax for assistance in filing RRF grants, they can be contacted by email at [email protected] or by calling (425) 395-4318. Learn more on their website or Facebook page.