ShiftPixy’s Expertise in PPP Loans and CARES Act Benefits Ensures Positive Outcomes for Clients

Rhea-AI Summary

ShiftPixy (PIXY) has launched its Restaurant Resilience Plan to assist restaurant operators in navigating the complexities of new regulations related to Paycheck Protection Program (PPP) loans and CARES Act benefits. The firm's expertise in compliance is crucial, as improper handling of PPP loans can lead to financial difficulties for small businesses. By offering targeted support, ShiftPixy enables clients to focus on operations instead of regulatory challenges. The company also hosts weekly webinars to further guide its partners during these challenging times.

Positive

• Launch of the Restaurant Resilience Plan to help clients navigate PPP loans.
• Expertise in compliance helps minimize risks for restaurant operators.
• Weekly webinars provide additional support and resources to clients.

Negative

• Risks associated with improper reporting of PPP loans could have severe consequences for clients.

IRVINE, Calif., May 28, 2020 (GLOBE NEWSWIRE) -- ShiftPixy (PIXY), a California-based gig engagement platform provider today outlined, as part of its Restaurant Resilience Plan, how the Company’s compliance and labor law knowledge is helping client restaurant operators navigate the complex web of new regulations attached to Paycheck Protection Program (PPP) loans and other CARES Act benefits.

“PPP loans were a huge step in the right direction for restaurant operators – but improper reporting and handling could void the promised forgiveness small business owners are counting on, leaving them with potentially huge problems post COVID-19,” said ShiftPixy co-founder and CEO Scott W. Absher. “In order to help hundreds of our restaurant operator clients prepare and navigate these programs correctly, our team has become experts in these programs and their parameters, as an extension of our Restaurant Resilience Plan. We will be there to support our clients throughout and after this trying time.”

The PPP provides loans designed to provide an incentive for small businesses to keep workers on their payroll. The U.S. Small Business Administration will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

With ShiftPixy’s help, restaurant operators can focus on keeping their business running instead of getting bogged down with paperwork and complex legal hurdles. The Company’s unique gig engagement platform empowers restaurant operators to take full advantage of their human capital with powerful functionality to handle payroll, compliance and native delivery.

Any customer of a ShiftPixy partner can sign up for one of the Company’s weekly webinars hosted by co-founder Steve Holmes, at https://shiftpixy.com/webinar-covid19/.

About ShiftPixy
ShiftPixy (PIXY) is a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management's nearly 25 years of workers' compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.

ShiftPixy Cautionary Statement
The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of ShiftPixy, Inc., could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute the Company's vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of ShiftPixy, Inc., is included in the filings we make with the Securities and Exchange Commission from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of our website at https://ir.shiftpixy.com/financial-information/sec-filings. Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, ShiftPixy is alerting investors and other members of the general public that ShiftPixy will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in our Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.

Media Contact:
Amy Wang
amy.wang@shiftpixy.com
(949) 245-7291

FAQ

What is ShiftPixy's Restaurant Resilience Plan?

The Restaurant Resilience Plan helps restaurant operators navigate PPP loans and compliance issues related to the CARES Act.

How does ShiftPixy assist with PPP loan compliance?

ShiftPixy provides expertise in compliance to ensure proper handling of PPP loans, preventing potential financial issues for small business owners.

What resources does ShiftPixy offer its clients?

ShiftPixy offers weekly webinars to inform and guide clients through new regulations and compliance processes.

When was the Restaurant Resilience Plan announced?

The Restaurant Resilience Plan was announced on May 28, 2020.

What is the significance of PPP loans for restaurant operators?

PPP loans are designed to help small businesses maintain payroll and cover essential expenses, which is vital for restaurant operators during COVID-19.