For your PPP loan, you have to tell us the period over which you utilized your PPP loan funds. This is known as the “loan forgiveness covered period”.
Your forgiveness covered period generally begins on the date you received your PPP funds (or if you received them on more than one date, the first date you received PPP funds), and ends on a date selected by you between 8 to 24 weeks thereafter. You don’t have to use all your loan proceeds during the loan forgiveness covered period, but only eligible costs paid during that period (and certain eligible costs incurred but not paid during that period) are eligible for forgiveness. Costs incurred after the loan covered period won’t be forgiven.
You can choose
- 8 weeks,
- 24 weeks,
- Between 8 and 24 Weeks or
- Pick your date from the dropdown box.
If you choose "Between 8 and 24 Weeks," your covered period end date will default to today's date, which must be at least 8 weeks after the date that you first received funds for your loan.
If you choose "Pick your date" you may enter your covered period end date that falls between 8 and 24 weeks.