Paylocity (NASDAQ: PCTY), a leading provider of cloud-based HR and payroll software solutions, announces new product features for the automation of the IRS Form 7200 to advance payment of employer credits, along with product mobilization to help clients recruit, rehire and engage their workforce coming out of the COVID-19 crisis.
Employers may file a new IRS Form 7200, Advance Payment of Employer Credits due to COVID-19, to receive advances of tax credits earned under the Coronavirus Aid, Relief and Economic Security (CARES) Act and the Families First Coronavirus Response Act (FFCRA). Paylocity launched enhancements to its software to automatically complete and file Form 7200 for its clients. Committed to helping clients stay compliant for the duration of this legislation, additional functionality allowing the automated setup of Paid Sick Leave once employees become eligible is being added.
“During this unprecedented time, Paylocity remains committed to our mission of deeply caring for our clients and moving forward together, knowing that returning to work will look very different over the next several months,” said Steve Beauchamp, CEO of Paylocity. “We’ve quickly enhanced our product suite to help our clients easily take action on the new laws and set them up for success as they start to rehire, recruit, engage and leverage a touchless environment.”
Paylocity also launched a Form 7200 microkit, which provides step-by-step guidance and information on COVID-related support and automation offered. Several other microkits have been deployed within the last month to provide easy-to-access expertise on the CARES Act and FFCRA, along with latest product enhancements and support for engaging a remote workforce: Community, Learning Management System (LMS), Surveys, Journals, Expenses and more.
"The value Paylocity provides has really come to light in the current environment. From step-by-step guides on the new legislation to real-time support and most importantly customized coding and reporting, the Paylocity team has gone above and beyond to make this challenging time less of a burden," said Ryan Joukema, Director of Finance & Operations at Precision Gage Company. "Paylocity has provided an informative, efficient and incredibly valuable process for helping navigate new legislation and guidelines as they are rolled out."
Paylocity continues to partner with its clients to support their remote work needs and drive engagement during stay-at-home orders, offering new training and survey templates that give HR leaders creative options for developing and listening to their people. Paylocity clients are relying heavily on Community, a tool for improving and maintaining employee engagement and communication, which has seen daily utilization increase by 108% since mid-March as organizations seek new ways to keep people connected. In addition, Paylocity clients are prioritizing employee career development from afar via the company’s video-enabled Learning Management System and monitoring how staff members are adjusting during the COVID-19 pandemic via its Surveys tool – all of which clients can be done on their mobile devices.
As states begin to allow businesses to reopen, Paylocity has set its sights on making it easier for companies to reconnect with furloughed or terminated employees, rehire in bulk and comply with onboarding documentation requirements for the most efficient and smooth experience getting employees back to work. The company’s platform offers numerous features that will help clients implement touchless business processes and enable employees to do more from their mobile phones.
For more information on how Paylocity’s solutions support HR and payroll professionals during COVID-19, please visit: https://www.paylocity.com/resources/covid-19/. Join the upcoming webinar, Life After COVID: The New Normal, on Wednesday, May 13 at 12 pm CST.