Ag FinTax Expands Financial Services Nationwide to Restaurants and Foodservice Businesses Eagerly Waiting to Apply for the Restaurant Revitalization Fund
Restaurant Revitalization Fund has a lengthy application process that requires preparation time many restaurant owners do not have.
BOTHELL, Wash., April 19, 2021 /PRNewswire-PRWeb/ -- AG FinTax, a full-service tax and business accounting company that provides expertise and guidance nationwide to entrepreneurs and small businesses, announced today it can offer remote application preparation services to restaurants and foodservice businesses across the country interested in applying for the Restaurant Revitalization Fund (RRF).
The RRF, administered by the Small Business Administration (SBA), will allow eligible restaurants to receive a tax-free federal grant to counter revenue losses related to the coronavirus pandemic.
"We have a team of professionals who have closely studied the grant program, including which entities are eligible and the evidence needed to apply," said AG FinTax founder and CEO, Anil Grandhi. "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."
The RRF is a $28.6 billion grant program designed to aid restaurants struggling with the 2020 COVID-19 pandemic mandated shutdowns and reduced capacity restrictions, but the funds are being delivered on a first come, first serve basis, which makes the urgency of the application filing a priority for interested restaurants.
AG FinTax previously assisted more than 200 small business owners to apply for the Paycheck Protection Program loan forgiveness in 2020 and helped them secure close to $150 million.
"We are able to do this remotely, using encrypted secure portals to exchange data," said Grandhi. "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."
The National Restaurant Association listed potential documentation needed to apply for the RRF:
Business tax returns (IRS Form 1120 or IRS 1120-S)
IRS Forms 1040 Schedule C; IRS Forms 1040 Schedule F
Bank statements
Externally or internally prepared financial statements such as Income Statements or Profit and Loss Statements
Point of sale report(s), including IRS Form 1099-K
Proof of pandemic-related revenue loss
PPP recipient loan information
With a professional team of CPAs, Chartered Accountants and CMAs, AG FinTax offers Chief Financial Officer expertise and detailed tax preparation typically provided for Fortune 100 companies to small business owners, helping them stay in compliance, pay the least amount of tax under the law, and make the best financial decisions. Even during a pandemic, they have differentiated themselves in the market through enabling clients to take back control of the economy and continue operating through the help of the SBA loans.
Interested restaurants should contact AG FinTax at: [email protected] or (425) 395-4318
About AG FinTax:
AG Fintax applies the advanced tax reduction and wealth creation strategies used by some of the world's most successful enterprises to help our small business and startup clients reduce their tax liability and save money.
With a professional team of CPAs, Chartered Accountants and CMAs, we work with clients in the startup IT service, real estate, construction, healthcare, and foodservice industries to help them build dynamic businesses and revenue forecasts, and implement best practices for accounting policies and procedures so that management can make informed and timely decisions.
Please visit http://www.AG Fintax.com or find us on Facebook @agfintax for more information.
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SOURCE AG FinTax
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