July 23, 2020
Can we choose a Covered Period between eight weeks and 24 weeks (for example 16 weeks) to use the PPP funds? Or is it just either eight weeks OR 24 weeks?
Posted by Armanino Financial Advisory Team
Borrowers can select a Covered Period of either eight or 24 weeks and those are the only specified options. Understand that this does not preclude a borrower from filing their forgiveness application at some point between eight and 24 weeks, but this does not change the definition of your Covered Period — it will always be 24 weeks in this scenario.