As the coronavirus COVID-19 continues to unfold, we have created this space to support businesses on how to respond to situations.
On March 12, 2020, Puerto Rico governor, Wanda Vázquez, issued Executive Order 2020-020 [ 1439 kb ] to declare a state of emergency in the island with the purpose of implementing a coordinated plan among all governmental agencies in preventing and controlling the dissemination of this virus and to protect the wellbeing of our citizens.
Moreover, on March 15, under Executive Order 2020-023 [ 192 kb ], the governor declared a 14-day mandatory curfew ordering all citizens to remain in their homes. This Executive Order also ordered the closure of all businesses and non-essential services in Puerto Rico starting March 15, 2020, at 6:00 p.m. until March 30, 2020, unless otherwise provided.
March 26, 2020 lockdown update – Governor Wanda Vazquez, has amended Executive Order 2020-023 [ 192 kb ] extending the mandatory lockdown from March 31 to April 12, 2020. New measures included in Executive Order 2020 – 029 [ 4588 kb ] are:
- curfew will be observed from 7:00 pm to 5:00 am.
- people will be allowed to go out according to the last number of their vehicle’s license plate. Even numbers may transit Mondays, Wednesdays and Fridays. Odd numbers may transit Tuesdays, Thursdays and Saturdays.
- Grocery stores will be closed on Sundays.
These aggressive measures were taken to ensure the population stays home as a prevention to spread the contagion.
April 11, 2020 lockdown update – today, governor Wanda Vázquez, announced through Executive Order 2020-033 [ 10219 kb ], an extension to the present lockdown through Sunday, May 3. This new order relaxes the previous order and allows the following, among others:
- curfew will now be observed from 5:00 am to 9:00 pm., Monday thru Saturday, allowing essential businesses to operate under this schedule, plus allows some service businesses to operate during certain dates and hourly schedules.
- allows grocery stores to operate from 5:00 am to 8:00 pm and authorizes the food business to do deliveries up to 10:00 pm, Monday through Saturday. Groceries stores will be closed on Sundays.
- eliminates the vehicle’s license plate restriction.
- allows employees to go to their workplaces on Thursday, April 16 from 5:00 am to 2:00 pm to pick office supplies and equipment necessary to continue working remotely.
Following the measures imposed by the governor, our offices will remain closed until May 3, or as otherwise informed.
In our interest to continue providing our clients with a service of excellence and quality, please be informed that our personnel is working remotely from 8:30 am to 5:30 pm - Monday through Friday. If you need to contact us or additional assistance is required, please write us to kgt@pr.gt.com. We will be glad to help you.
May 4, 2020 lockdown update - On May 1, 2020, Governor Wanda Vázquez announced, through Executive Order 2020-38 [ 15001 kb ], that certain industries, businesses and services will be able to commence operations effective, May 4, 2020, conditioned to following the curfew measures in place with the exception of few physical outdoor activities now authorized.
Office facilities reopening - As we had announced on our May 4, 2020 lockdown update, we are prepared to reopen our office facilities on Tuesday, May 26 from 9:00 am to 5:00 pm. Conscious of our responsibility to comply with the security protocols, which are consistent with state and federal legal guidelines and workplace conditions, we have put into place the following protection measures to ensure the safety of our personnel and visitors.
We urge you to please help us comply with the following measures:
- Bolivia 33 building facilities have a controlled access; therefore, it will be necessary for visitors and suppliers to coordinate their visits with our personnel before coming to our office.
- The use of face mask is required at all times before entering the building facilities and in our office facilities, with no exceptions.
- We have conditioned the entrance of employees, visitors, and suppliers to our office through our Reception at 4th Floor.
- We have limited the number of persons in our office each day. It is of utmost importance that you coordinate with our personnel before coming to the office. Meetings will be limited to four persons per Conference rooms. As an alternative, please consider the possibility to hold virtual meetings.
- Visitors and suppliers will be required to consent to temperature taking. In case the result overpasses the 100.4 °F (or 38 °C), the access to our offices will not be permitted.
Our office premises have been cleaned and disinfected, and we will continue to do so daily. However, as the ongoing coronavirus, COVID 19, continues to affect communities and businesses, these measures will continue to be in effect. We ask you to continue following the measures imposed by the authorities and to stay safe.
Audit insights
02 April 2020
With the economic uncertainty surrounding the COVID-19 pandemic, many lessees are asking for rent concessions, which are being granted by many lessors. A concession may take the form of free or reduced rent for a period, the deferral of rent, or some other type of relief.
For more information: Rent concession accounting in tough times>>
23 March 2020
The COVID-19 pandemic is rapidly evolving, taking a tragic toll on human life and causing volatility in the global capital markets. Many companies are being forced to address the pandemic’s impact on their businesses, including accounting and financial reporting implications.
For more information: COVID-19 impact on accounting, financial reporting>>
AICPA Coronavirus Resource Center
News and resources on tax filing, CARES Act, Association activities, and more.
SBA Paycheck Protection Program resources for CPAs
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Key focus areas for businesses
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Workforce
Have measures been put in place to support hygiene and health for your employees, including restrictions to international travel and advice on attending client meetings, site visits and events?
Do you have a clearly communicated policy on what your people should do if they are feeling unwell?
What does it mean for colleagues and clients if you suspect a case of coronavirus in your workplace?
Is your team able to work remotely if your office needs to close?
Do you need to change or re-enforce your working policies?
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Customers and suppliers
Could there be unexpected consequences for your business from the coronavirus outbreak? How can you plan for this and will you have the working capital to restart your business when activity picks back up?
Do you need to inform your clients and customers of any changes to your services? This could include different opening times and delays in deliveries or deadlines.
Do you have plans in place to ensure regular and clear communication to clients about your policies and updates on services?
Which customers will need extended terms from you and which suppliers might require different arrangements? Liaise with your suppliers to determine how they can support you.
With international travel and export impacted by the coronavirus, have you assessed the strength of your supply chain and do you have alternatives in place if you need to source another provider?
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Tax
With coronavirus having an impact on your profits and cashflow, do you need extra time to pay any outstanding tax debt? Will you need to agree a bespoke Time To Pay arrangement with the government? Could employee absence cause you to miss a deadline to file?
Will you be able to request a refund on additional statutory sick pay claimed by staff who are unable to work because of the virus? Can you get a loan or grant, or claim a business rates relief discount, to see you through the outbreak?
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Audit
What will the impact be on your business, including credit availability and cash flow, supply chain, access and impact on your customers, workforce availability and access to any government support? Given the disruption, are you able to acquire the evidence and speak to who you need to remotely?
Will you be able to delay audit dates, or make arrangements for the effective audit using a virtual (off-site) approach? How will you reschedule, given the uncertainty of when the pandemic will end? Can deadlines be extended, particularly your filing arrangements?
Is your audit team still able to obtain sufficient audit evidence with restrictions to your premises and staff? How will the audit of any international operations/subsidiaries (components) be delivered to meet the requirements of auditing standards and regulation?
Are you able to bring stock takes forward to before travel bans are in place? Will management then be able to produce a roll-forward reconciliation and will we be able to audit that? How will this work?
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Stakeholders
Do you need to pro-actively check in with your stakeholders during these difficult periods? Communicate with your financiers, shareholders, customers and employees early and often.
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Insurance
Do you need to check your insurance coverage will protect you against losses from natural disasters?
Could a successful claim be made against you under a business interruption or event cancellation policy?
Do you need assistance in quantifying the financial impact of a disruption?
Read more: Business interruption and the impact of coronavirus >>
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Cash flow and financing
Are changes and delays to your service going to have an impact on your cash flow. Do you need to have discussions with clients or suppliers about renegotiating terms?
Do you need to speak to your funding suppliers about additional funding and operational covenants for the next few months?
What will things look like in six months’ time?
Read more: Seven practical steps for companies impacted by coronavirus >>
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Business continuity and risk
When uncertainty is the new normal, standing still isn’t an option. Drastic changes to working arrangements around the world and ever-changing expectations of customers, employees and governments mean it’s time to examine the variety of risks facing your organization. From supply chain to working capital, it’s critical that organizations understand and strategize against their unique level of vulnerability in order to keep moving forward.
Grant Thornton’s Pandemic Risk Assessment puts you on the road to recovery by helping you understand your immediate risks in four key risk quadrants:
Our time sensitive, data driven assessment quantitatively determines risk factors and offers focused resiliency plans to protect your business, customers, and shareholders. You’ll receive:
- A resiliency dashboard showing where you are now against 4 impact zones and 8 key risk factors
- Benchmarking of your pandemic risk status compared to others in your industry
- Immediate recommendations to quickly address your most significant risks and needs
Don’t wait for answers. Take Grant Thornton’s online Pandemic Risk Assessment to examine the impact of this pandemic on your business, learn strategies to navigate COVID-19 and identify the areas within your business where resiliency is a competitive advantage.
