What is the Covered Period?
The default Covered Period runs for 24 weeks (or until December 31, 2020 if it occurs before the end of this 24-week period), starting on the date the loan was funded.[3]
Borrowers who received their loans prior to June 5, 2020 may alternatively elect an 8-week Covered Period (starting on the date the loan was funded). If eligible, you may elect to apply for forgiveness before the end of the 24-week period, however, all costs you claim must be paid or incurred during the timeframe you elect.
Is there anything I have to do in order to extend my Covered Period to 24 weeks?
No, your Covered Period will automatically extend to 24 weeks unless you indicate otherwise in your Forgiveness Application
The Alternative Payroll Covered Period:
The Alternative Covered Period can be used for administrative convenience for Borrowers with a biweekly (or more frequent) payroll schedule. Borrowers may elect to calculate payroll costs using a date that began on the first day of the payroll period following their PPP loan funding date.