The program uses the term “covered period”.  The day you received the funds is the first day of the covered period.  If you count 24 weeks from that date you will know the last day of the covered period.  After that date, you have exactly 10 months to submit the forgiveness application to the bank.  Then, the bank has 60 days to make a determination.  Subsequently, the SBA has another 90 days to determine if the bank was correct.  This whole process could take over 1.5 years from the time you got your money!

The rules do allow for you to file for forgiveness at any time during your covered period.  As soon as you think you have used all of your funds in the right way, we can get started!  Contact us immediately because if we determine you still need to make some adjustments, there will be time.