Update: With the new PPP Flexibility act signed into law, the new forgiveness period is 24 weeks from receiving the loan. Customers now have 24 weeks to spend the funds on payroll on other eligible costs to obtain forgiveness.
The amount of forgiveness of a PPP loan depends on the borrower’s payroll costs over a 24 week period.
The lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval.
There is an exception, in which is a customer can begin the forgiveness period during an “alternative payroll covered period.” You can utilize this option to better align your existing payroll schedule with the disbursement of your loan. For example, if you receive your loan on April 20, but your next pay day isn’t until April 25, you can elect to begin your covered period (specifically for your payroll, not for other expenses) on April 25 instead.
You can learn more about applying for forgiveness here.