Length of the Covered Period

• If we choose an eight-week Covered Period, does it have to be a consecutive eight-week period?
• Why would I want to choose the eight-week Covered Period instead of the 24 weeks?
• When do we need to choose between an eight-week or 24-week period?
• Can we choose a Covered Period between eight weeks and 24 weeks (for example 16 weeks) to use the PPP funds? Or is it just either eight weeks OR 24 weeks?
• If it takes me 12 weeks to expend all my loan funds, do I have to measure my FTEs over 24 weeks? Or can I match the FTE calculations against the time it takes to use all the funds?
• Does the new 24-week period apply to loans that were funded prior to June 5?
• If we aren’t happy with the eight-week forgiveness approval we receive, can we change our forgiveness period from eight to 24 weeks afterwards?
• The final day of our Covered Period is today.
• I have approximately $55,000 left over after the eight-week period. Am I able to use up the remaining funds for payroll since the time frame was extended to 24 weeks?
• Is the 24-week period an automatic extension or do we have to apply for it?
• It looks like about 75% of our loan will be forgivable, which covers 10 weeks of payroll. 
• We would like to opt for the 24-week Covered Period option but expect to complete the spend in 11 weeks with the full loan amount spent on payroll.