August 4, 2020
Our PPP loan was received on April 13, 2020. Our first payroll was paid on April 24, 2020 which covers the period from April 6 through April 19. Is the 24-week start date April 6 or the paycheck date of April 24? If it starts on April 6, the 24 weeks would end September 11, 2020, right?
Posted by Armanino Financial Advisory Team
First off, 24 weeks from April 6 actually is September 20, 2020. That said, neither April 6 nor April 24 are correct start dates for your 24 weeks. Your 24-week Covered Period started on April 13, the date you received your funds. Your Covered Period ends September 27. If you chose to use the Alternative Covered Period for your payroll costs only (because this choice is not available for non-payroll costs), your first date for payroll costs would be April 20, the date that your first full pay cycle inside your Covered Period begins.