Your covered period is the number of weeks you have to utilize your PPP funds from the date of your loan disbursement.
Due to the changes implemented in the PPP Flexibility Act passed by Congress, PPP loans approved prior to June 5, 2020, can have a covered period of the original 8 weeks or 24 weeks as agreed upon by lender and borrower. PPP loans approved after June 5, 2020, have a covered period of 24 weeks.
