Paychex Unveils Support Plans for SMBs Amid Coronavirus Crisis

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From Zacks Equity ResearchPaychex, Inc. PAYX yesterday announced that it is offering the Coronavirus Aid, Relief, and Economic Security (CARES) Act support to help its clients comprehend and implement the act’s relevant provisions.

The act, signed in to law on Friday, brings in a $2-trillion stimulus package to counter the coronavirus-induced economic turbulence. It is the largest aid package in history.

Paychex mainly serves small- and medium-sized business, and the act has several provisions for these companies. The relief bill includes more than $370 billion funding for small businesses. Enterprises with less than 500 employees will be granted loan of up to $10 million for use in payroll and other expenses with eight weeks of covered costs forgiven. Businesses might become eligible for a payroll tax credit if they retain employees during the pandemic.

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SOURCE Yahoo Finance

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