Looking for the latest guidance on PPP Loan Forgiveness? Paychex – a gold affinity partner of payroll, retirement and HR services for the South Carolina Society of CPAs – presents these updates about their PPP Loan Forgiveness Estimator.
With the approval of $285 billion in additional funds for Paycheck Protection Program (PPP) loans, more guidance has come out for business owners, including:
- Expansion of eligible costs
- An opportunity for a second draw
- Availability to also use Employee Retention Tax Credit (ERTC) on unforgiven COVID-19 expenses
Paychex is Prepared
We have updated our PPP Loan Forgiveness Estimator to reflect the latest legislation, including changes in the loan forgiveness guidance. With our estimator, which has already been used by thousands of businesses to help them secure forgiveness for millions in loans, our Paychex Flex® customers can now:
- Optimize the combination of the PPP and ERTC
- Easily pull payroll information straight from Paychex Flex
These enhancements allow you to elevate your consultative conversations with clients to ensure they are maximizing relief options. As a CPA, you can easily access Paychex PPP loan forgiveness estimator and other powerful tools for your Paychex Flex clients through the AccountantHQ (AHQ) dashboard. If you are not yet signed up for AHQ, you can do so here.
WEBINAR: How Paychex Can Help with PPP Loan Forgiveness
Monday, March 22 (2 p.m.)
During this session, an HR technology expert will deliver a demonstration of our updated Paycheck Protection Program Loan Forgiveness Estimator tool and show other resources we have available to help maximize relief options. (Note: This webinar is not eligible for CPE or IRS CE credit.) This information might be helpful as you consult with your clients to help navigate this new guidance.
Speaker: Erin Lierheimer, Senior Technical Product Manager – Payroll, Paychex
If you are unable to attend the webinar and would like to receive the recorded version, please be sure that you still register using the link provided. Recording will only be sent to those who have registered.
“Paychex has all that information right at hand. It’s all right there.”
– Mike Biewer, Executive Producer, Funnelbox Inc.
“[Paychex] put the whole package together with data where you needed it for 941s, payroll tax information, FCRA and ERTC [to navigate PPP]. Paychex makes it easy to lay out these documents and facilitate optimizing these credits, which really goes to the bottom line of our clients.”
– Neil Sonenberg, CPA
FIND OUT MORE
Paychex Expands Paycheck Protection Program Solutions with Support for Employee Retention Credits (March 8, 2021)
Paychex Flex® HR software addresses new legislation that allows for the use of the employee retention credit even if a business already received a PPP loan.
According to a recent Paychex survey, only 39% of employers with fewer than 500 employees are aware of the employee retention tax credit. However, under the provisions of the Consolidated Appropriations Act, 2021, the Employee Retention Tax Credit can now be used in combination with a Paycheck Protection Program (PPP) loan. This important change provides another source of financial relief for businesses that continue to struggle with the financial impacts of the COVID-19 pandemic. To help maximize the benefits of available stimulus options, Paychex, Inc., the HR software and services company that provides the power of simplicity for increasingly complex workplaces, has expanded Paycheck Protection Program support in Paychex Flex®. (Continued here)