I think it depends on what you want to do. If all you are doing is saving an image as a different file type paint shop should be sufficient. As for your original question I have never worked with paint shop , but I don’t see why you could not save it jpeg and it not keeps all its quality. PNG generally speaking is a good format for the intermediate stages when doing photo editing, but PNG, like GIF is more appropriate than JPEG for images with few colors or with lots of sharp edges (e.g. cartoons). If you are talking about actual photos I would try to use jpg. hope this helps.
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Believe those who are seeking the truth. Doubt those who find it. —André Gide
, but I don’t see why you could not save it jpeg and it not keeps all its quality. PNG generally speaking is a good format for the intermediate stages when doing photo editing, but PNG, like GIF is more appropriate than JPEG for images with few colors or with lots of sharp edges (e.g. cartoons). If you are talking about actual photos I would try to use jpg. hope this helps. 
