What is a covered period, and how do I calculate mine?
Your covered period (also known as a coverage period) is the 8- or 24-week period in which you must use all of the PPP loan proceeds. As the business owner, you select your covered period (either 8 or 24 weeks). We strongly encourage MoFi clients to select a 24-week covered period.
A 24-week covered period starts on the day your loan proceeds landed in your bank account and ends 167 days later. Click here to download a covered period calculator.
Borrowers have 10 months after the last day of their covered period to apply for forgiveness.