July 23, 2020
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?
Posted by Armanino Financial Advisory Team
You will need to demonstrate that you actually used the PPP funds, so for a cleaner audit trail you would want to show that you reimbursed your payroll account with PPP funds.