Coronavirus (COVID-19) Help Center

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Securing Your Finances During COVID-19

The priority is to keep your business open, and that requires having sufficient funds in place. Take advantage of applicable loan options, business credits, and other financial programs that can help you at this critical juncture of the coronavirus pandemic.

A business owner using the PPP loan forgiveness estimator

PPP and Loan Forgiveness

A Paycheck Protection Program (PPP) loan can help you keep employees on payroll, bring back those you furloughed, and cover certain overhead costs. PPP loans may be forgiven if funds are used on eligible covered costs.

Estimate Your PPP Loan Forgiveness
An employee working at a grocery store

Employee Retention Credit

A refundable Federal tax credit against employer payroll taxes for businesses that complied with government order to partially or fully suspend operations, or recognized significant reduction in gross receipts but retained their employees.

Eligible employers can:

Take a refundable credit of 50% of qualified wages/health plan expenses up to $10,000 per employee against applicable employment taxes.

Exclusions:

  • Employer can’t receive the credit if they receive a PPP loan from the SBA
  • Credit can’t be taken on any wages previously accounted for in a WOTC or Emergency Paid Sick Leave Credit
Read about the Employee Retention Credit
Looking at the payroll tax deferral period

Payroll Tax Deferral Period

Employers can defer payment of applicable employer payroll taxes (employer portion of Social Security) incurred from March 27, 2020 – Dec. 31, 2020.

How deferred repayments are split and paid

  • 50% due Dec. 31, 2021
  • 50% due Dec. 31, 2022

Deferring payment of employer payroll taxes

Employers can now defer or continue to defer payment of the employer share of Social Security taxes even after PPP loans are forgiven.

State Unemployment Insurance Tax Credit

Some states have enacted legislation that provides employers with a SUI tax credit if they paid their first-quarter SUI contributions on or before a specific date. The credit amount equals the amount of first-quarter 2020 contributions paid by the employer and is applicable to second-quarter 2020 SUI contributions.

Contact Your State’s Unemployment Insurance Office

Other Funding Options

You and your accountant might determine there are better courses of action to obtain financing based on your business and industry needs.

Business Financing Options

Term loans

Depending on the amount financed, loans can be either short-term or long-term, and can generally be secured from any lender.

SBA loans

Small businesses that don’t qualify for traditional small business financing may find other opportunities through SBA loan programs. 

Main Street Lending Program

Established by the Federal Reserve to support lending to businesses that were in sound financial condition before the onset of COVID-19.

Business lines of credit

Monthly payments and interest are determined based on how much of the open line of credit you use.

 

Paychex Promise

Get the ultimate peace of mind for your business — payroll funding services to help you pay employees during and after the pandemic. 

Payroll Protection

We provide you the flexibility to extend the collection of payroll funds from your bank account by up to seven days without interruption of services or insufficient fund charges.

Business Credit Service

Paychex sends payment history to credit bureaus with the goal of building your business credit file and improving your ability to secure attractive financing terms.

Learn More about the Paychex Promise

We have solutions that can support you during COVID-19, and beyond

Live and recorded webinars

Available in English

As companies begin to resume their normal business operations, there are still a lot of questions around COVID-19 testing.

In this webinar, Dr. Todd Simo, HireRight's Chief Medical Officer, discusses the EEOC pandemic guidelines for testing methodologies, best practices for reducing the risk of virus spread, and testing that is now available through Paychex.

Businesses today are facing risks they never could have anticipated from COVID-19: forced closings, lost revenue, and workers' compensation adjustments, to name a few.

The COVID-19 pandemic has had a major impact on the financial lives of many Americans.  This webinar will show you how a 401(k)-retirement plan can help you build financial security for yourself and your employees, and create a more positive and productive workforce.

Topics include:

Articles to help business during COVID-19 pandemic

Available in English
The potential for Coronavirus in the workplace is a challenge employers must face, as some businesses slowly begin the process of reopening this fall. But with that may come concerns about how to keep the business afloat while protecting the health and safety of staff and customers.
The CARES Act's Paycheck Protection Program made loans available to small businesses to encourage them to retain or rehire employees that have been furloughed. The loans will be forgiven if certain requirements are met.
Since the COVID-19 global pandemic forced many people out of their offices and into their homes, more than a third of Americans are working from home.
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Paychex is committed to providing resources to the Spanish-speaking community. To ensure we are providing the most up-to-date and accurate information, some content on this website will be shown in English, and will be provided in Spanish when available.