With grants from the Restaurant Revitalization Fund becoming available, many foodservice operators are scrambling to file the paperwork for these first come, first served grants. Leading the way in assisting the foodservice industry file for RRF grants is AG FinTax.
After their success in 2020 helping small business owners across all spectrums receive over $150 million in PPP loans, the company is here to help the foodservice industry once again. Founder and CEO of AG FinTax, Anil Grandhi, had this to say about his company being available to help foodservice operators across the country; “We have a team of professionals who have closely studied the grant program, including which entities are eligible and the evidence needed to apply. Restaurant owners typically work very long hours and wear so many hats, such as manager, accountant, and the occasional server, that they most likely will not have time or resources to pull together the necessary documents to submit their application in a timely manner. Since funds are being administered on a first come, first serve basis, there is a concern that funds will not be available to every business that qualifies.”
For those who question if the Seattle (WA) based firm would be able to help them beat the rush of applications, Grandhi has an answer. “We are able to do this remotely, using encrypted secure portals to exchange data. The onboarding process is quick, and we’ll be able to get the applications filed faster than if a restaurant owner was to devote the time to do it on their own,” said Grandhi. “We helped 200 small business owners with the PPP and were able to get more than $150 million dollars in that program. This is my expertise. Both in the first round and second round, not one of our applications filed for PPP was declined. All were accepted.”
Along with the knowledge of knowing how to file your application quickly and effectively AG FinTax also knows who is eligible to receive funds for the RRF, in addition to how much grant money a restaurant is eligible to receive. “Eligible entities are a restaurant, food stand, food truck, food cart, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products, and other similar places where the public or patrons assemble for the primary purpose of being served food or drink,” said Grandhi.
“Once you qualify as an eligible entity you may receive a grant equal to the amount of its pandemic-related revenue loss meaning the difference between 2019 and 2020 gross receipts. If you’ve received any PPP loan either to first or the second or both, that amount is deducted to arrive at the loss. These funds are grants and they absolutely don’t have to be repaid unless you permanently close your business.”
According to Grandhi, RRF grants can be used to address a wide array of financial needs that restaurants are currently facing due to the pandemic. “Broadly speaking, the funds granted can be used for outdoor dining construction, personal protective equipment, cleaning and hygiene supplies, salaries, payroll costs, mortgage payments, rent, utilities, operating expenses and other related costs and any other expenses the SBA deems essential to maintaining the restaurant are usually covered,” said Grandhi. “Many restaurants had not been paying their employees. If they haven’t paid their lease, they can pay it now… they can go back and make themselves whole.”
For those interested in contacting AG FinTax for assistance in filing for RRF grants, they can be contacted via email at hello@agfintax.com or by calling (425) 395-4318. Learn more at their website or Facebook page.
