If you cancel and reactivate your Payroll, you won’t lose any employee information. There are some things that will be disabled though, such as creating paychecks, paying & filing federal/state taxes, and printing W-2s. Here’s a detailed article that goes over what all happens when you cancel a subscription: 

Resolution for 'Cancel Your Payroll Service issue: 'My company is shutting down because of the COVID19 crisis. I want to minimize all costs during this process…We have furloughed all employees, I want to stop paying per employee fees for QBO Advanced Payroll and TSheets…whats is the best way to do that…' available: Yes.

The Cancel Your Payroll Service issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the Cancel Your Payroll Service issue yourself by looking for a resolution described in the article. If it is a complex Cancel Your Payroll Service issue or you are unable to solve the issue, you may contact us by clicking here or by using other Cancel Your Payroll Service support options.

For more information about resolving issues related to Cancel Your Payroll Service in Quickbooks/QBO or to get support for the issue 'My company is shutting down because of the COVID19 crisis. I want to minimize all costs during this process…We have furloughed all employees, I want to stop paying per employee fees for QBO Advanced Payroll and TSheets…whats is the best way to do that…', click the link below: