Note: The Paycheck Protection Program Flexibility Act of 2020 changed the covered period from 8 weeks to 24 weeks.
If you loan was disbursed before June 5, 2020 you can choose to use the 8 week covered period when you received the loan or the extended period of 24 weeks.
The actual 24 week period can start on one of two dates:
The day your lender sends your first PPP loan disbursement.
The first day of the first pay period after you get the loan. (Only borrowers with a bi-weekly or more frequent payroll frequency can use this method)
The PPP loan disbursement dates will vary based on when it is approved and acted upon so the period is different for each borrower.