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Isaac, Esq.
Isaac, Esq., Attorney
Category: Finance
Satisfied Customers: 49318
Experience:  NASD Licensed Rep, 1997-2001, Business Attorney
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This question refers to the Forgiveness of SBA PPP loan

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Hello, This question refers to the Forgiveness of SBA PPP loan funds. Does the period of coverage begin with the date you receive funds regarding the incurrence of liability or payment of expense. For example . . . received PPP funds on May 4th, does the covered payroll begin as incurred on May 4th or paid to the nearest day which would be May 6th? The payment on May 6th is for payroll incurred April 27th through May 1st. Or do we begin PPP funding for work incurred starting May 4th although the funds would not be dispersed until May 13th. Same question regarding expenses like medical and utilities, etc
Thank you

Thank you for your question. Please permit me to assist you with your concerns.

The period of coverage begins for the days you applied on your PPP application and not the day you received the funds. So for example if you filed April 15th and filed based on April 1st calculations, any expenses from April 1st for the next 8 weeks are covered under the PPP guidelines. (Meaning the coverage is permitted to be retroactive.)

Hope that helps clarify!


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