July 23, 2020
We will run out of PPP funds at approximately 16 weeks and will have to furlough people. What effect will this have on our forgiveness?
Posted by Armanino Financial Advisory Team
If you choose the eight-week Covered Period, it will have no effect because the reduction occurs after the end of the period. On the other hand, if you choose the 24-week option, it will reduce your average FTEs during your Covered Period and have a resulting negative impact to your forgiveness total unless you file your forgiveness application before you furlough the employees.