Benefits
Paychex Enhances PPP Loan Forgiveness Solution to Produce Signature-Ready Application
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.
Jul. 27, 2020
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 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.