Payroll

As small businesses in different parts of the country reopen in the midst of the novel coronavirus pandemic, they are beginning to increase the number of hours worked by their employees, according to payroll giant Paychex, although spikes in the virus are threatening to set back those gains.

As businesses plan for reopening following the coronavirus (COVID-19) pandemic, your firm may be wondering how you can best advise clients on safety and HR-related topics during this time.

The positive figures included 13,200 jobs in accounting, and raised hopes for a faster economic recovery despite the coronavirus pandemic.

Private sector employers slashed at least 2,760,000 jobs from April 12 to May 12, according to payroll giant ADP, on top of the 20 million job cuts in the previous monthly period.

Employment growth at small businesses improved slightly in May, up 0.25 percent, as stay-at-home orders eased in most states, but that was only after reaching historic lows in April, according to payroll giant Paychex.

The House voted Thursday to give small businesses financially strapped by the COVID-19 crisis more flexibility to spend forgivable loans for payrolls and expenses from the government’s popular Paycheck Protection Program.

Accounting and bookkeeping shed over 67,000 jobs in the month of April, according to the Bureau of Labor Statistics.

COVID-19 wiped out most of the jobs gained since the 2008-09 recession despite extensive tax cuts and stimulus payments from the IRS.

Payroll giant Paychex is partnering with Biz2Credit, Fundera and Lendio to help small businesses apply for the new funding offered by the U.S. Small Business Administration’s Paycheck Protection Program.