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Kurt Fagan
Asked a question last month

PPP Question: Can we wait until after 12/31 to use the 8 week period option when applying forgiveness? When are forgiveness applications due? My understanding is that payments will not start until the forgiveness app is processed... for some of our clients, there may be a desire to extend the payment deferral as long as possible. Would this be a way to accomplish that?

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You cannot elect the 8-week option if your PPP Loan was approved after passage of the PPP Flexibility Act on June 5, 2020. If your PPP Loan was approved on or before June 4, 2020, you can elect the 8 week period and you have up to 10 months after the coverage period ends to submit for PPP loan forgiveness.