July 23, 2020
On the Initial Data Input tab, the only choices for the Covered Period duration are eight or 24 weeks. In the July 1 webinar, you said it could be any period between them. How do I enter this cell if I choose 16 weeks?
Posted by Armanino Financial Advisory Team
There are only two Covered Period options: eight weeks or 24 weeks. There is no option to pick a Covered Period in between. However, you can file your forgiveness application “early,” meaning when you have exhausted the PPP funds, if you so choose. Understand that doing so does not change the duration of your Covered Period. So, if you decide to file at 16 weeks, you still have a 24-week Covered Period for purposes of the model and the calculation rules for the Salary Reduction Factor, so you should select 24 weeks in the model.