July 23, 2020
We would like to opt for the 24-week Covered Period option but expect to complete the spend in 11 weeks with the full loan amount spent on payroll. How do we officially advise the bank that we wish to opt for the 24-week period, and will we be allowed to complete the spend in less than the 24 weeks?
Posted by Armanino Financial Advisory Team
You do not need to advise the bank of which Covered Period you elect — either eight weeks or 24 weeks. You simply note your choice when you file for forgiveness. And yes, you complete spending the PPP money when you run out of it. You don’t have to try to stretch it to run out exactly at the 24-week mark.