Paychex enhances PPP loan remission solution to produce a ready-to-sign request
ROCHESTER, NY, July 23, 2020 / PRNewswire / – As businesses in the United States continue to adapt to meet the challenges of the COVID-19 pandemic, financial stability and the return to work remain a priority. Today, Paychex, Inc., a leading provider of HR, payroll, benefits and insurance solutions, announced that it has enhanced its Paycheck Protection Program (P3) solution to generate a ready-to-sign application that simplifies the PPP loan cancellation request process for clients.
Following its premiere June release in Paychex Flex®, the company’s cloud-based HR technology platform, the Paychex PPP loan forgiveness estimation and reporting tool has been upgraded to give customers the ability to generate copies ready for the signing of their pardon request. This includes supporting both the Small Business Administration Loan Forgiveness Application and the 3508EZ Loan Forgiveness Application. The Loan Discount Estimator is automatically populated with a customer’s payroll data and allows them to enter other applicable non-salary costs. After validating the accuracy of all data and authorizing any adjustments, customers can quickly and easily generate and print a forgiveness request ready to be signed in Paychex Flex.
“Paychex was the first provider in our industry to offer PPP reporting offerings, which included a comprehensive loan request report and an even more powerful online loan cancellation estimator that is fully integrated with payroll to ensure that business owners leverage all eligible dollars for loan cancellation, ”mentioned Martin mucci, President and CEO of Paychex. “We quickly provided our customers with the tools they needed to obtain $ 28 billion into PPP loans, which can turn into grants that will help them get the financial help they need to keep their businesses operating during the crisis. The ability to now produce a signature-ready forgiveness app improves on what was already a market-leading solution and makes an extremely complex process as easy as possible for our customers. “
The ready-to-sign pardon function is available to all Paychex Flex customers as part of their payroll service at no additional cost. It will also be available for customers of Oasis, a Paychex company, in the coming weeks.
“Employers today face a litany of new and evolving challenges,” added Mucci. “It’s our promise to remain a trusted business partner for our customers, to provide innovative solutions to meet current and future workplace needs, and ultimately to help their businesses succeed. ”
For more information on the Paychex PPP Loan Forgiveness Estimator and other resources available to help businesses navigate the COVID-19 pandemic, visit the newly redesigned page Paychex help center on the coronavirus.
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management solutions for payroll, benefits, human resources and insurance services. By combining its innovative software as a service technology and mobility platform with personalized and dedicated service, Paychex enables small and medium business owners to focus on growing and managing their business. Drawing on over 45 years of industry expertise, Paychex serves over 670,000 payroll clients as of May 31, 2020 at over 100 locations across the United States and Europe, and pays one in 12 U.S. private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.
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