Martin Mucci on government subsidies
From Jim Cramer exclusive interview with Paychex's incoming and outgoing CEOs. · · Paychex
“The subsidies were a great help. They really fed the economy a lot. Not only businesses, you know, we helped provide over 9% of the PPP loans that came out. We were there the day after they were available. That was a tremendous help. Now, the employer retention tax credit, we've done a tremendous job giving over 45,000 of our clients employer retention tax credit helping them get that for over $8 billion. Probably on average $190,000. Subsidies like that have really helped carry over businesses into a tough time and maybe we ought to keep an eye on something like that for the future.”
On , Martin Mucci, Former President & Chief Executive Officer at Paychex, spoke about government subsidies during Jim Cramer exclusive interview with Paychex's incoming and outgoing CEOs. on Paychex.
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.