Under the PPP Flexibility Act, for loans made before June 5, 2020, borrowers can chose an 8-week or 24-week covered period. This extension of the “covered period” gives borrowers significantly more flexibility to utilize PPP loan proceeds in accordance with the purpose of the program.
If you closed prior to June 5, 2020 and have chosen to adopt the 24-week “covered period” then principal and interest on your PPP loan will be deferred until the earlier of:
If your original loan documents suggest a specific date for you to begin remitting payments, you can ignore this for now, unless you have already applied for and been granted forgiveness.