1. PPP Loan Forgiveness Help Center
  2. Forgiveness Application Questions

What is a reference period?

A reference period is a 12-week period of time used to represent your business’ total average weekly full-time equivalency (FTE).
  • You can choose for your reference period to be either:
    • (i) February 15, 2019 to June 30, 2019; 
    • (ii) January 1, 2020 to February 29, 2020; or 
    • (iii) in the case of seasonal employers, either of the preceding periods or a consecutive twelve-week period between February 15, 2019 and February 15, 2020.