Press release
Paychex Offers CARES Act Support for Businesses
ROCHESTER, N.Y., March 30, 2020 /PRNewswire/ -- On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, offering a
About this update from Paychex, Inc.
[{"type":"text","content":"ROCHESTER, N.Y., March 30, 2020 /PRNewswire/ -- On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, offering a comprehensive relief package in response to the economic distress caused by the coronavirus (COVID-19) pandemic. Paychex, Inc., a leading provider of HR, payroll, benefits, and insurance solutions, is helping business owners understand what the CARES Act means, both for their business and employees, as well as offering support and resources during this time of need.\n\n \n \n \n \n \n \n\n \n\"We know that many of our clients are struggling with business disruptions, making hard decisions every day about whether to keep, furlough, or lay off employees due to the financial pressure of the pandemic. This historic financial stimulus package is designed to help,\" said Martin Mucci, Paychex president and CEO. \"While the passage of the CARES Act is certainly a significant step, the next piece will be ensuring this money quickly gets to those who need it most. National payroll providers such as Paychex are uniquely positioned to help with this, using existing banking relationships and our service connection and experience with our clients.\" \nThe CARES Act provides a comprehensive package including measures and appropriations aimed, in part, at providing financial relief to individuals, families, and businesses. The law, following the Families First Coronavirus Response Act and the Small Business Administration's Economic Industry Disaster Loan Program, is the third relief package offered by Congress to assist businesses and individuals in navigating the economic hardships caused by the pandemic. The law carries numerous provisions affecting businesses and individuals.\nA complete overview of the CARES Act is available on Paychex WORX. Below is an overview of key elements:\nProvisions for Businesses \nSmall Business Loans: Generally, businesses with 500 employees or fewer are eligible for Small Business Administration (SBA) emergency grants and the forgivable loan program. Through the Paycheck Protection Program, the SBA will be providing loans up to $10 million to qualified and eligible small businesses for up to 2.5 times the borrower's average monthly payroll costs to assist in covering certain expenses, including payroll. The loans may be forgiven under the conditions set for...