Anil Grandhi is on a mission to help restaurants get their street..errr…TAX cred.
Restaurants suffered during the pandemic. With long closures, lockdown restrictions, and food delivery services that take a huge portion of their profit, many beloved restaurants shut their doors permanently. Even though the pandemic is nearing its end, the restaurants that survived are still facing a host of financial concerns as they work to adapt to new standards in the industry.
At the beginning of this month, a new federal aid program—the Restaurant Revitalization Fund—began with nearly $28.6 billion available to help food-based businesses in the United States.
While this financial aid will certainly impact the community, small business owners have struggled to parse through the many requirements that must be met in order to receive federal funding. After a year of significant challenges, these funds are welcome, but the added processes and confusing regulations can be challenging for businesses. On top of all of this, there’s a race to get paperwork filed quickly, as the funds are first-come, first-serve.
Think of it this way: many Americans find filing their yearly taxes to be incredibly stressful and confusing. Resources online are rarely sufficient information, and the whole process feels high stakes because it involves money and government regulations. Hiring tax professionals to help is often stressful and costly, but that’s not the case with AG FinTax.
But in order for restaurants to stay afloat as the world recovers from the pandemic, they need to take advantage of available resources. AG FinTax is the only financial services company providing fully remote and secure assistance for small businesses going through the complicated and lengthy process of applying for federal aid.
Financial Services for Small Businesses
Entrepreneur Anil Grandhi, founder of AG FinTax, was inspired to start his company after watching his entrepreneurial family members struggle with the numerous tax laws required for small business owners. These complicated processes caused stress, and he wanted to create a solution.
Prior to starting his business, Grandhi worked in accounting for a large-scale company. He noticed that bigger companies, that had more resources, were able to understand and take advantage of tax breaks and incentives. Smaller businesses, where taxes are often filed by the owner, didn’t have these same opportunities because they weren’t aware of them.
He left the corporate world to start his company and help simplify finances for small businesses. His primary financial services center around tax season, but he’s expanding his services to help the restaurant community receive the most federal aid possible.
“In my opinion, the Restaurant Revitalization Fund is the best grant available for restaurants since it covers so much more,” he said. “Last year’s PPP only covered payroll, while the main cost components for a restaurant are food and utilities, too. Thanks to the RRF, those costs are covered. So, for those restaurants that qualify, this grant will definitely be a blessing.”
Keeping Restaurants in Business
The RRF is distributed on a first-come, first-serve basis, which means that it is paramount for restaurants to start the process as quickly as possible. Grandhi wants to empower small business owners to take advantage of this available funding so that they can stay in business long term.
Clients of AG FinTax have a 100% success rate. Out of the 200 applications for PPP, EIDL and other grants the company submitted on behalf of small business owners in 2020, not a single application was denied.
It’s especially important that small businesses submit their applications correctly, because any delays could impact the overall receipt of federal funds. AG FinTax’s services are available for small restaurants and larger chains alike. Anyone can take advantage of their program so that they can maximize benefits of the federal aid program.
AG FinTax keeps up with the regulations and requirements within the programs so that small business owners don’t have to worry about it themselves.
“My team’s goal is to keep businesses in business long term,” Grandhi said. “We prioritized studying the new federal funding programs and keeping up with the changes.”
(Featured photo credit: Small Business Trends.)