Understanding how to get your PPP loan fully or partially forgiven and completing the application properly can determine any repayment requirements after your deferment period
You were successful in receiving your loan from the SBA through the Paycheck Protection Program, now what? Do you know when your Covered Period ended?
Your PPP is a Loan and Forgiveness must be requested...
The Covered Period is either (1) the 24-week (168-day) period beginning on the PPP loan disbursement date, or (2) if the borrower received its PPP loan before June 5, 2020, the borrower may elect to use an eight-week (56-day) Covered Period. For example, if the borrower is using a 24-week Covered Period and received its PPP loan proceeds on Monday, April 20, the first day of the Covered Period is April 20 and the last day of the Covered Period is Sunday, October 4. In no event may the Covered Period extend beyond December 31, 2020.
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