Unfortunately, many small businesses that applied for the PPP Loans haven’t been able to continue operating under current social distancing rules that forced many nonessential businesses to completely or partially close their doors until states and municipalities reopened. Businesses that cannot operate under current conditions will not be able to have their loans forgiven in full. The loan amount was based on 2.5 times monthly salary expenses, but business owners must spend the amount within eight weeks for it to be forgiven. This means that under current guidelines, many small business owners will only be able to have a portion of their loans forgiven, while the remainder would turn into a low-interest loan. Bipartisan support is growing to give small business owners more time. Senator Marco Rubio (R-FL), the chair of the Senate Small Business and Entrepreneurship Committee, is lobbying to extend the eight-week loan forgiveness period. The initial eight-week period is coming up, and he hopes to help push a fix through as soon as this week, giving those small business owners more time to meet the loan forgiveness requirements. If the timeline is extended, then SMB owners will have more time to work with the program to sustain your business and have their loan forgiven. If the timeline is not extended, then the portion of the loan that is not forgiven will be assessed at a 1% interest rate over a two-year period, with no payments due for the first six months.

https://www.forbes.com/sites/ryanguina/2020/05/20/ppp-loan-forgiveness-timeline-may-be-extended/#5504c7a86f13