Martin Mucci on Paycheck Protection Program
From #TradeTalks: How Paychex is Helping Businesses Navigate #COVID19 · · Nasdaq
“I think basically on that program you're going to be able to take out a loan which can be forgiven or it's carried on at about a 1% interest rate. But you start out at about two and a half times your payroll, your average payroll. And so you need the information on your payroll. This is what's in our payroll that's already pre-calculated for our clients. But you can get about two and a half times the average payroll loan amount and if you keep the majority of your employees paid and there's some other rules on that but basically if you keep your employees paid you will have that loan actually forgiven.”
On , Martin Mucci, Former President & Chief Executive Officer at Paychex, spoke about Paycheck Protection Program during #TradeTalks: How Paychex is Helping Businesses Navigate #COVID19 on Nasdaq.
About Martin Mucci
Martin Mucci, former President and CEO of Paychex, appeared on financial news programs in 2022 and 2023 to discuss the company's performance and labor market trends. In a March 2023 interview on CNBC's "Mad Money," Mucci noted that Paychex's stock had increased significantly since he began appearing on the show 12 years ago, and he credited the company's 16,000 employees for navigating challenges including recession and COVID-19. He also discussed government subsidies, stating that programs like the Paycheck Protection Program and Employee Retention Tax Credit had helped sustain businesses, and suggested policymakers "ought to keep an eye on something like that for the future." In earlier appearances, Mucci commented on wage growth and hiring conditions for small businesses. In March 2022, he described wage growth as "really strong" at 4.8% year-over-year, and said small businesses faced pressure from supply chain issues and inflation but had strong demand. He noted that rising interest rates benefit Paychex due to the float it carries, but expressed concern about the impact on clients and new business formation. In May 2021, Mucci attributed a pickup in small business hiring to the reopening of leisure and hospitality sectors, and said businesses were optimistic about demand but worried about finding workers. In September 2020, he reported that small business job growth had held steady after an initial rebound from pandemic shutdowns, and said the PPP program had helped many businesses continue operating.