Financial Advisory Blog

Armanino’s Financial Advisory blog is your source for thought leadership around cloud ERP and accounting solutions and integrations. Supported by the Cloud Accounting Institute and numerous experts in cloud, finance, reporting, integration, compliance, and technology, Armanino’s Financial Advisory blog features must-read content on what’s happening in the finance industry, case studies, white papers, and much more.

July 23, 2020

If we aren’t happy with the eight-week forgiveness approval we receive, can we change our forgiveness period from eight to 24 weeks afterwards?

Posted by Armanino Financial Advisory Team

No. Evaluate both options and select the most advantageous Covered Period before submitting your application.

« The final day of our Covered Period is today. With the changes in the program, do we need to have spent the money by today or spent it and pulled it out of the designated account that holds the PPP funds? | Given the 24-week period, we may spend two or three times the amount of the PPP loan in forgivable expenses. Can we start out with a gross forgiveness amount of, say, 150% of the PPP loan amount, and have the reduction factors subtract from that 150%, so that we still could get 100% of the loan forgiven? »