July 23, 2020
I was under the impression that the eight-week payroll time frame was extended to 24 weeks per the June 5, 2020 guidance, and that the eight-week “payroll period” could be any eight-week time frame within that 24-week period. Is that incorrect?
Posted by Armanino Financial Advisory Team
That is partially correct and partially incorrect. The Flexibility Act did indeed extend the Covered Period to 24 weeks, at the borrower’s option. However, that does not mean that the borrower can pick any eight weeks in the midst of 24 for forgiveness. You may choose either an eight-week period that begins with the date you received funds or a 24-week period in which to spend the money, but not a hybrid of your own making.