PPP loan forgiveness – Is the 8-week or 24-week period right for you?

When the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law, many borrowers were excited to learn they had 24 weeks to spend their loan on forgivable expenses. However, it is critical for borrowers to also evaluate the eight-week covered period option if they are eligible to use it – especially if they plan to make changes in the additional 16-week period.

Evaluating your covered period options

If your business remained opened during the course of the pandemic and is eligible…