DUBLIN--(BUSINESS WIRE)--ResearchAndMarkets.com published a new article on the payroll services industry, "Payroll Services and COVID-19 - More Companies Turn to Payroll Services to Navigate New Legislation"
The CARES Act made more than $300 billion available for small businesses in the form of loans and payroll tax deferments to allow them to continue paying their staff throughout the COVID-19 crisis. Employers have the option of delaying payment of payroll taxes in 2020 and then paying 50% in 2021 and 50% in 2022. The pandemic caused unemployment levels to rise however job losses have declined in recent months. Sustained levels of high unemployment can have a significant impact on the demand for payroll services companies. In May, US job losses declined to 2.5 million compared to a loss of 20 million jobs in April.
Businesses who apply for Paycheck Protection Funding can have their loans forgiven provided they keep their workers employed and paid for eight weeks. The Families First Coronavirus Response Act also affects payment for sick leave, time off and COVID-19 related absences. As a result of the new legislation, some small companies are turning to outsourced providers to help them navigate how it affects their payroll and tax filings.
To see the full article and a list of related reports on the market, visit "Payroll Services and COVID-19 - More Companies Turn to Payroll Services to Navigate New Legislation"
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