July 23, 2020
We received the PPP loan, but we’re not open for business. Can we change the start of our Covered Period to be the date when we are officially open?
Posted by Armanino Financial Advisory Team
No. You have the money. You cannot change the loan funding date, which is when your Covered Period officially begins regardless of business status. The Flexibility Act addresses this situation: it may be beneficial to elect the 24-week loan Covered Period and take the time to rehire.