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PPP loan - electing 8 or 24


schirallicpa

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One of my favorite instructors, Tony Nitti of RubinBrown, taught a free course yesterday with three of his colleagues on PPP Forgiveness. There is still a lot we don't know:

https://www.rubinbrown.com/Resources/covid-19-resource-center/covid-19-webinars.aspx

Loans after a certain date default to 24 weeks, but can be an earlier date, probably. Loans prior to a certain date default to 8 weeks, but can elect 24 weeks -- but, by telling their bank or just using a longer-than-8-week period on their forgiveness application...

Whereas the 1-year or-5-year repayment is definitely a negotiation with the lender.

Maybe.

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