Virtually All Who Took PPP Loans Are ‘Still in Business,’ Says Paychex CEO
Paychex hasn’t experienced any business “deterioration” due to the recent resurgence in COVID-19 cases across the U.S., said CEO Martin Mucci on a fiscal Q2 investor call Wednesday. The quarter ended Nov. 30. The payroll and human resources outsourcing company…
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continues “to monitor trends closely, especially as new restrictions are being implemented in many states,” he said. Some Paychex clients “have been holding on, waiting for a second stimulus,” said Mucci. When Paychex canvassed clients, it found that of those who took a Paycheck Protection Program loan in the first stimulus package, “virtually 100% of them were still in business,” he said. The first stimulus “made a big difference for holding clients over until things picked back up,” he said. “The second one will do the same thing.” It’s “very targeted” to small businesses, he said.