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Nov 18, 2020 Business owners who run payroll on a bi-weekly (or more frequent) basis have the option of using the “Alternative Payroll Covered Period”,

The Covered Period is either (1) the 24-week (168-day) period beginning on the PPP loan disbursement date, or (2) if the borrower received its PPP loan before June 5, 2020, the borrower may elect to use an eight-week (56-day) Covered Period. Choice of covered period Previously, borrowers had to choose either an 8- or 24-week covered period. A borrower may now choose any covered period between 8 and 24 weeks. The covered period begins on the date the PPP loan funds were deposited in the borrower’s bank account.

Ppp period covered

Originally, this covered period was defined as the eight-week period beginning on the date of loan origination. 2021-01-29 · If you received your PPP loan proceeds from your lender on or after June 5, 2020, your Loan Forgiveness Covered Period is 24 weeks. If you received PPP loan proceeds before June 5, 2020, you can choose to use either an 8-week or a 24-week Loan Forgiveness Covered Period. Alternative Payroll Covered Period (optional, if applicable) The Covered Period is measured from the date that the PPP loan was disbursed. Alternative Covered Periods for different payroll frequencies are beyond the scope of this article. There are several rules governing how much of these costs could be forgiven. The alternative payroll covered period is the 8-week (56 day) period beginning on the first day of the first pay period following the PPP loan disbursement date.

2020-06-25

Choice of covered period Previously, borrowers had to choose either an 8- or 24-week covered period. A borrower may now choose any covered period between 8 and 24 weeks. The covered period begins on the date the PPP loan funds were deposited in the borrower’s bank account. The alternative payroll covered period begins on the first day of the first pay period following receipt of your PPP funds.

A: Yes, as long as the SUTA and city taxes were paid within the covered period. Q: It looks like employer paid health insurance premiums and employer retirement

The Cares Act originally defined the “covered period” as 8 weeks from the day that PPP loan proceeds were deposited into the borrower’s bank account. The Cares Act allowed a borrower to ask for forgiveness for all eligible expensed disbursed within the 8-week “covered period”.

•Payroll costs are considered incurred on the day that the employee’s pay is earned. 2020-05-19 · Covered Period (or Alternative Payroll Covered Period) are eligible for forgiveness whether or not the costs were incurred during that period and that payroll costs are considered paid as “the day paychecks are distributed or the borrower originates an ACH credit transaction”. Covered Period – the period during which your PPP funds must be spent. Deferral Period - the 10 month period following your Covered Period, within which you must apply for forgiveness or your PPP loan will convert to a 1% APR loan and payments become due.
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Eligible compensation and limits continue to be applicable per the CARES Act and the Economic Relief Act. The $100,000 annualized compensation will be pro-rated to correspond to the selected covered period. How we can help.

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PPP Loan Forgiveness Applications Updates: COVERED PERIOD AND ALTERNATIVE PAYROLL …

Under the PPP Flexibility Act, If using the Alternative Payroll Covered. Period, it starts the first day of your first pay period following your loan disbursement date. 4. How should I use the loan redefining the “covered period” during which PPP loan proceeds may be used to be the period beginning on 2/15/20 and ending on 12/31/20, effective 3/27/20. • Dec 31, 2020 COVERED PERIOD AND ALTERNATIVE PAYROLL COVERED PERIOD AND PARTIAL PAY PERIODS: The Covered Period is either (1) the 24- Oct 13, 2020 However, if a borrower pays twice a month or less frequently, it will need to calculate payroll costs for partial pay periods. The Covered Period or Jan 21, 2021 The boxes to indicate the time period of the Alternative Payroll Covered Period ( APCP), if used, have been removed. The ACPC became less A: Yes, as long as the SUTA and city taxes were paid within the covered period.