Paychex Enhances PPP Loan Forgiveness Solution to Produce Signature-Ready Application

Rhea-AI Summary

On July 23, 2020, Paychex announced the enhancement of its Paycheck Protection Program (PPP) solution, enabling users to generate signature-ready applications for loan forgiveness. This advancement simplifies the process for customers seeking financial relief amid the COVID-19 pandemic. The upgraded tool integrates with Paychex Flex, auto-populating payroll data, and allows for easy adjustments. Paychex has already facilitated $28 billion in PPP loans for clients, demonstrating its commitment to supporting businesses during these challenging times. The new feature is available at no extra charge to all Paychex Flex customers.

Positive

• Enhancement of Paycheck Protection Program (PPP) solution provides signature-ready forgiveness applications, simplifying the process for clients.
• Integration with Paychex Flex allows automatic data population and quick application generation, improving user experience.
• $28 billion in PPP loans facilitated by Paychex, illustrating robust demand for services.
• New feature available at no additional charge, increasing value for Paychex Flex customers.

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• None.

ROCHESTER, N.Y., July 23, 2020 /PRNewswire/ -- As businesses across the U.S. continue to adapt to meet the challenges of the COVID-19 pandemic, financial stability and getting back to work remain top of mind. Today, Paychex, Inc., a leading provider of HR, payroll, benefits, and insurance solutions, announced it has enhanced its Paycheck Protection Program (PPP) solution to generate a signature-ready application that simplifies the process of applying for PPP loan forgiveness for customers.

Following its initial June release in Paychex Flex®, the company's cloud-based HR technology platform, the Paychex PPP Loan Forgiveness Estimator and Reporting tool has been upgraded to give customers the ability to generate signature-ready copies of their forgiveness application. This includes support for both the Small Business Administration's Loan Forgiveness Application and the Loan Forgiveness Application Form 3508EZ Application. The Loan Forgiveness Estimator automatically populates with a customer's payroll data and allows them to enter other applicable non-payroll costs. After validating the accuracy of all data and allowing for any adjustments, customers can quickly and easily generate and print a signature-ready forgiveness application while in Paychex Flex.

"Paychex was the first provider in our industry with PPP reporting offerings, which included a comprehensive loan application report and an even more powerful online loan forgiveness estimator that is fully integrated with payroll to ensure business owners are leveraging all eligible dollars for loan forgiveness," said Martin Mucci, Paychex president and CEO. "We've quickly provided our clients the tools needed to obtain $28 billion in PPP loans, which may turn into grants that will help them secure the financial relief they need to keep their businesses operating during the crisis. The capability to now produce a signature-ready forgiveness application improves on what was already a market-leading solution and makes an extremely complex process as simple as possible for our customers."

The signature-ready forgiveness application function is available to all Paychex Flex customers as part of their payroll service at no additional charge. It will also be available to customers of Oasis, a Paychex company, in the coming weeks.

"Employers today are facing a litany of new and evolving challenges," Mucci added. "It's our promise to remain a trusted business partner to our customers, deliver innovative solutions to address current and future workplace needs, and ultimately help their businesses succeed."

For more information on the Paychex PPP Loan Forgiveness Estimator and other available resources to help businesses navigate the COVID-19 pandemic, visit the recently redesigned Paychex Coronavirus Help Center.

About Paychex
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 dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 45 years of industry expertise, Paychex serves more than 670,000 payroll clients as of May 31, 2020 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.

Media Contacts
Tracy Volkmann
Public Relations Program Manager
Paychex, Inc.
(585) 387-6705
tvolkmann@paychex.com 
@PaychexNews

Colleen Bennis
Senior Account Executive, Public Relations
Mower
(585) 389-1865
cbennis@mower.com  

 

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SOURCE Paychex, Inc.

FAQ

What enhancement did Paychex announce on July 23, 2020?

Paychex announced an enhancement to its Paycheck Protection Program (PPP) solution, allowing customers to generate signature-ready applications for loan forgiveness.

How does the new Paychex PPP solution benefit customers?

The updated solution simplifies the loan forgiveness application process by auto-populating payroll data and allowing easy adjustments.

How much in PPP loans has Paychex facilitated?

Paychex has facilitated $28 billion in PPP loans for its clients.

Is there any additional charge for the new feature in Paychex Flex?

No, the signature-ready forgiveness application feature is available at no extra charge to all Paychex Flex customers.

When will the new feature be available for Oasis customers?

The signature-ready forgiveness application feature will be available to customers of Oasis, a Paychex company, in the coming weeks.