Services
We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet...
-
Financial statements audits
Financial statement audits
-
Compliance audits
Compliance audits
-
Compilations and reviews
Compilations and audit
-
Agreed-upon procedures
Agreed-upon procedures
At Kevane Grant Thornton, tax is a key part of our organization and our award-winning teams can offer you a range of solutions, whatever the size of your...
-
Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
-
International tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
-
Tax compliance
Business Tax
-
Individual taxes
Individual taxes
-
Estate and succession planning
Estate and succession planning
-
Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
-
Sales and use tax and indirect taxes
SUT/ VAT & indirect taxes
-
Tax incentives program
Tax incentives program
-
Transfer Pricing Study
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
As your business grows, our advisory services are designed to help you achieve your goals. Successful growth often means navigating a complex array of...
-
Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
-
Forensic and investigative services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
-
Fraud and investigations
The commercial landscape is changing fast. An ever more regulated environment means organizations today must adopt stringent governance and compliance processes. As business has become global, organizations need to adapt to deal with multi-jurisdictional investigations, litigation, and dispute resolution, address the threat of cyber-attack and at the same time protect the organization’s value.
-
Dispute resolutions
Our independent experts are experienced in advising on civil and criminal matters involving contract breaches, partnership disputes, auditor negligence, shareholder disputes and company valuations, disputes for corporates, the public sector and individuals. We act in all forms of dispute resolution, including litigation, arbitration, and mediation.
-
Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
-
Internal audit
We work with our clients to assess their corporate level risk, identify areas of greatest risk and develop appropriate work plans and audit programs to mitigate these risks.
-
Service organization reports
As a service organization, you know how important it is to produce a report for your customers and their auditors that instills confidence and enhances their trust in your services. Grant Thornton Advisory professionals can help you determine which report(s) will satisfy your customers’ needs and provide relevant information to your customers and customers’ auditors that will be a business benefit to you.
-
Transaction advisory services
Transactions are significant events in the life of a business – a successful deal that can have a lasting impact on the future shape of the organizations involved. Because the stakes are high for both buyers and sellers, experience, determination and pragmatism are required to bring deals safely through to conclusion.
-
Mergers and acquisitions
Globalization and company growth ambitions are driving an increase in M&A activity worldwide as businesses look to establish a footprint in countries beyond their own. Even within their own regions, many businesses feel the pressure to acquire in order to establish a strategic presence in new markets, such as those being created by rapid technological innovation.
-
Valuations
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
-
Recovery and reorganization
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
Our outsourcing services allow you to save time and money in order to concentrate on the competencies and the core business activities.
Emerging markets and shifting consumer demand are creating new opportunities in food and beverage, with business leaders investing in new products, markets and...
Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To succeed,...
Healthcare
Rapid change and complexity are norms, and innovation the fuel in the technology industry. Today’s revolutions – including cloud, as-a-service, social media...
Industrial products
Across the globe, not for profit organizations are increasingly expected to deliver more, while at the same time facing cuts in government funding and...
We work with all types of agencies, including central and state government, local government, donors (including bilateral and multilateral international...
While the impact of the prolonged downturn continues to be felt, pockets of opportunity and optimism have emerged within the retail estate and construction...
Services
Dynamic businesses need to move with speed and purpose if they want to capitalise on opportunities in hospitality and tourism. At Grant Thornton, we know...
Careers page for Kevane Grant Thornton
The Grant Thornton Difference
Grant Thornton prides itself on being a values-driven organization and we have more than 56,000 people in over 140 countries who are passionately committed to...
Learning and development
One of the biggest attractions of a career with Grant Thornton is the opportunity to work on cross-border projects all over the world.
Diversity helps us meet the demands of a changing world. We value the fact that our people come from all walks of life and that this diversity of experience...
Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
Students
Experienced hires
Jobs at Kevane Grant Thornton
On March 30th, 2021 President Joe Biden signed into law the Paycheck Protection Plan Extension Act of 2021, which extends the loan application deadline from March 31, 2021 to May 31, 2021. The law also provides the Small Business Administration (SBA) 30 days after that date to process applications.
Contents
On March 3, 2021, the SBA also made four additional changes to the Paycheck Protection Plan (PPP) guidance, as follows:
- sole proprietors, independent contractors, and self-employed individuals are now eligible to receive more financial support
- the new rules state that independent contractors may now base the PPP loans on their gross income instead of the net profit
- eliminated a restriction on PPP access for small business owners with non-fraud felony convictions
- eliminated student loan debt delinquency as a disqualifier to participating in the PPP
- non-citizen small business owners who are lawful U.S. citizens may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP
PPP Eligibility
The new PPP (PPP2) loans will be available to first-time qualified borrowers and to businesses that previously received a PPP loan. First-time PPP borrowers will be subject to the program’s original eligibility rules. The original PPP was generally available to businesses with up to 500 employees, and there was no requirement to demonstrate a revenue loss.
Previous PPP (PPP1) recipients may apply for another loan of up to $2 million if they meet the following three requirements:
- have 300 or fewer employees;
- have used or will use the full amount of their first PPP loan; and
- can demonstrate a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019.
The bill allows borrowers that returned all or part of a previous PPP loan to reapply for a second round loan.
How much can a business obtain in the new PPP loans
The maximum eligible loan amounts will be $2 million. Borrowers will generally be eligible to calculate their loan amount as 2.5 times their average monthly payroll costs in the prior year. Applicants in the accommodation and food services industries are eligible for loans that amount to 3.5 times their average monthly payroll.
PPP Loan Terms
Eligible costs for loan forgiveness consist of the ones originally included in the first PPP program: payroll, rent, covered mortgage interest, and utilities; and:
- covered operations expenditures
- covered facility modification costs to comply with safety guidelines
- covered supplier cost
- covered worker protection
Borrowers who have not yet applied for forgiveness of their original PPP loan may now also include these types of expenses in their forgiveness application. Borrowers are still required to spend at least 60% of the funds on payroll to receive full forgiveness. The other 40% may be used on eligible costs.
Streamlined Forgiveness for Borrowers under $150,000
Borrowers for loans under $150,000 will only be required to submit a one-page online or paper form and will only be subject to audit if they commit fraud or use the proceeds for improper purposes.
Tax Matters
- deductibility of expenses paid with forgiven PPP funds
- expenses paid with PPP funds are deductible for federal income tax purposes. This was already permitted for Puerto Rico income tax purposes under local Act 57-2020.
- employee payroll tax deferral
- the bill extends the deferral of an employee’s share of social security tax on wages paid from September 1, 2020 through the end of the year from April 30, 2021 until December 31, 2021.
- Families First Coronavirus Response Act (FFCRA) Credits
- extends the tax credit provisions of FFCRA from December 31, 2020 through March 31, 2021.
- extension of the Employee Retention Tax Credit
- extends the tax credit through June 30, 2021
- businesses may now claim both the Employee Retention Credit and the PPP Loan. But wages upon which the ERC is calculated is not eligible for forgiveness under the PPP program.
Sources:
Bill - Consolidated Appropriations Act 2021
Journal of Accountancy: COVID-19 relief bill addresses key PPP issues
Wallstreet Journal: PPP Loans: Everything We Know About Latest Small Business Protection
We are committed to keep you updated of all developments that may affect the way you do business in Puerto Rico. Please contact us for assistance in relation to this or any other matter, we will be glad to assist you.
New Paycheck Protection Program Extension Act