Taxpayer ran out of money after 10 weeks from the date of the PPP funding and have to close the business. During the 10 weeks, there was no reduction in FTEE or wage, and all PPP funds were used in qualified expenses. For early forgiveness, would the FTEE computed at the end of the early forgivness period (i.e. 10 weeks), or the end of 24 weeks, or at the time the forgivenss application is filed? Taxpayer wants to apply for early forgiveness but the bank is not accepting application yet.
Unfortunately, the taxpayer received the funds after June 5 so the 8 week is not available. If the FTEE is calculated as an an average over the full 24 week period, there is no reason to apply early because they have to wait for 24 week period is over. Is it right?