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New Paychex Study Shares Insights on the Impact of the Paycheck Protection Program Flexibility Act

June 22, 2020 / PR Newswire

According to new research from Paychex, Inc., a leading provider of human resources, payroll, benefits, and insurance solutions for 670,000 small- and medium-sized businesses, 90 percent of business owners say the Paycheck Protection Program Flexibility Act's provision extending the forgiveness period from eight to 24 weeks will be impactful to their business, and 82 percent say the same about the loan repayment term being extended from two to five years. Despite initial uncertainty around the terms of their PPP loans, most business owners now indicate the PPP Flexibility Act will be meaningful for their businesses as they work to resume operations and bring back employees. "While many were relieved to receive PPP funds, our earlier research showed the initial guidelines presented a challenge to some business owners. The PPP Flexibility Act has eliminated some of the barriers to businesses getting the most out of their PPP loans during the reopening phase and beyond,"...