Payroll

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.

Small businesses that had been experiencing steady job and wage growth prior to the outbreak of the coronavirus pandemic are seeing that situation change, according to figures from the payroll giant Paychex.

The coalition proposed the federal government set up and fund a central payroll account for small-business payroll processors to use to direct funds to small businesses to keep paying employees.

A package of coronavirus relief legislation that was signed into law Wednesday includes provisions for paid sick leave, family leave and medical leave, along with tax credits to help employers and the self-employed pay for them.

The job gains were mainly at big companies and largely came before the outbreak of the coronavirus in the U.S.

The pace of small-business job growth accelerated for the third month in a row in February, according to payroll giant Paychex, but the rate of hourly earnings growth slipped.

The Internal Revenue Service and the Treasury have proposed regulations updating the income tax withholding rules to reflect the changes in the Tax Cuts and Jobs Act, the recently redesigned Form W-4 and the IRS’s new Tax Withholding Estimator.

Private sector employers added 291,000 jobs in January, according to payroll giant ADP, in a strong showing for the economy, despite fears of the coronavirus.