July 23, 2020
Could we extend the eight-week coverage to nine weeks to cover the semi-monthly payroll that is due on June 15, 2020? Since we have basically maxed out the PPP funds, when shall we submit the PPP loan forgiveness application?
Posted by Armanino Financial Advisory Team
Question 1: No. Pick either eight weeks or 24 weeks but remember the “incurred but not paid” rule described elsewhere. You also now have the ability to file for forgiveness before your 24-week Covered Period ends if you have used up all PPP funds. Question 2: You have 10 months from the end of your Covered Period to apply for forgiveness.