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Securing Your Finances During COVID-19

COVID-19 Support for your:  Finances  |  Employees  |  Operations

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.

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.

A business owner using a ppp loan forgiveness estimator

Employee Retention Tax 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. Businesses can only claim the credit on wages that are not forgiven or expected to be forgiven under the Paycheck Protection Program (PPP). The deadline to claim this credit was changed retroactively by law to Sept. 30, 2021 for most businesses. Recovery Startup Businesses have until Dec. 31, 2021 to pay qualified wages that can be used to claim the credit. 

The IRS released guidance on the retroactive termination of the program to help businesses who claimed or took an advance on the ERTC in the fourth quarter of 2021 understand the requirements to pay back the funds and avoid failure to pay penalties.

An employee working at a grocery store

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.

Looking at the payroll tax deferral period

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.

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.

Term loans

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

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.

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

Live and recorded webinars

Available in English
OSHA COVID-19 Vaccination and Testing ETS

Reserve your spot

November 18, 2021

Businesses should know about their compliance obligations and deadlines of the most-recent OSHA ETS, as well as how the courts might impact the process.

Return to the Workplace: What N.Y. Businesses Should Know
September 24, 2021

With businesses continuing to bring their employees back to get their workplaces up to full capacity, employers must understand the safety measures and regulations along with how to handle vaccinations, paid leave and privacy issues that could impact the process. Gain insights and a refresher from our Compliance experts on how to address returning to the workplace.

Return to Workplace: What California Businesses Should Know
September 23, 2021

This recording provides insights from our Compliance experts on what businesses in California have to prepare for as they continue returning employees to the workplace, including worker classification issues and Proposition 22, safety measures, paid leave associated with COVID-19 and the mandated vaccinations in some business sectors, the impact of the California Consumer Privacy Act and more.

Articles to help business during COVID-19 pandemic

Available in English
COVID-19 Vaccination Mandates: What Employees Are Thinking About Return to the Workplace
January 13, 2022
A survey of employees conducted by Paychex and Future Workplace sought responses on vaccination mandates and returning to the workplace with the presence of the COVID-19 delta variant.
Tax Reporting Requirements Changed in 2022 Under American Rescue Plan Act
January 10, 2022
The American Rescue Plan Act of 2021, designed as a relief package aimed at helping businesses hardest hit during the COVID-19 pandemic, also contained provision that changed tax reporting requirements.
After Issuing Federal Safety Requirements for Healthcare Industry, OSHA Makes Changes
January 5, 2022
OSHA's new emergency temporary standard specifically for healthcare settings provides guidance intended to protect healthcare workers with the highest risk of contracting COVID-19 while on the job. The agency recently withdrew some of the requirements.