For example, if the Borrower received their PPP loan proceeds on Monday, April 20, 2020, the first day of the Covered Period is Monday, April 20, 2020, and the final day of the Covered Period is any date selected by the Borrower between Sunday, June 14, 2020, and Sunday, October 4, 2020.

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Period, it starts the first day of your first pay period following your loan disbursement date. 4. How should I use the loan redefining the “covered period” during which PPP loan proceeds may be used to be the period beginning on 2/15/20 and ending on 12/31/20, effective 3/27/20. • Dec 31, 2020 COVERED PERIOD AND ALTERNATIVE PAYROLL COVERED PERIOD AND PARTIAL PAY PERIODS: The Covered Period is either (1) the 24- Oct 13, 2020 However, if a borrower pays twice a month or less frequently, it will need to calculate payroll costs for partial pay periods.

Although the CARES Act provides that the covered period runs for eight weeks from the date of origination, the May 22 guidance lays out an alternative covered period. Expanding to 24 weeks, from eight weeks, the covered period during which PPP loan recipients can spend the funds and still qualify for loan forgiveness. The 24-week period applies to all loans made on or after June 5. Borrowers that received loans before June 5 can choose to elect an eight-week period. For those using the eight-week period: The forgiveness requested for payroll costs during the Covered Period (or the Alternative Payroll Covered Period) for owner Jan 20, 2021 The date you receive your PPP loan funds marks the start of your covered period.

For example, if the Borrower 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, June 14. 2020-11-19 · Although the loan forgiveness period (the “Covered period”) was originally 8 weeks, the PPP Flexibility Act of June 5 th expanded the covered period for borrowers to 24 weeks from loan funding, but not beyond 12/31/2020.

City of Kuopio covers the design and construction of the new primary school specified maintenance and user services for a service period of 20 Lemminkäinen has implemented a number of PPP projects in Kuopio this

For example, if you received your PPP funds on Monday, April 20, and the first day of your first pay period following receipt of your PPP funds is Sunday, April 26, the first day of the alternative payroll covered period is April 26. 2020-05-20 · Covered Period: Enter the eight-week (56-day) Covered Period of your PPP loan. The first day of the Covered Period must be the same as the PPP Loan Disbursement Date. For example, if the Borrower 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, June 14.

Extension of PPP Covered Period and Outside Rehire/Salary Restoration Date to December 31, 2020: The PPP Flexibility Act extends the end of the “covered period” for spending PPP loan proceeds

2020-06-04 2020-05-20 2020-06-25 PPP Loan Forgiveness Applications Updates: COVERED PERIOD AND ALTERNATIVE PAYROLL … Covered Period – the period during which your PPP funds must be spent. Deferral Period - the 10 month period following your Covered Period, within which you must apply for forgiveness or your PPP loan will convert to a 1% APR loan and payments become due. 1 Covered Period (CP) 5. Rehiring grace period. For PPP loans distributed in 2020, any rehiring must have been done before December 31, 2020. For PPP loans distributed in 2021, the SBA has not released any information on a potential grace period for rehiring employees. As of now, any rehiring must be done before the end of your covered period.

The PPP Flexibility Act, which was signed by President Donald Trump on June 5, 2020, extended the length in the covered period for qualified payroll and nonpayroll costs paid or incurred by borrowers from eight weeks to 24 weeks. It also allowed borrowers that received PPP loans before June 5 to elect to use the original eight-week covered period. As part of the PPP Flexibility Act that was passed by Congress, the PPP loan coverage period was extended. Under the new rules, the covered period is 24 weeks instead of the original eight-week time period.
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If you don’t apply for forgiveness before the ten-month Members have 10-months to apply for forgiveness after the last date of their chosen covered period. The PPP program has been a moving target since the beginning with rules and guidance how the covered period differs from the alternative payroll covered period The CP begins on the date the funds were received and ends 56 days after that date.

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May 21, 2020 You receive the PPP funds on May 4 and your normal semi-monthly pay period covers May 1 through May 15 wages. In this scenario, you

In order to get full or partial PPP loan forgiveness, it is critical that you spend the loan money on covered expenses.