I should have researched a bit before I posted this but it is clear that the first and second draw coverage periods cannot overlap.
This IFR specifically provides that "the covered periods for a First Draw PPP Loan and a Second Draw PPP Loan cannot overlap." The borrower must use all proceeds of the First Draw PPP Loan for eligible expenses before disbursement of the Second Draw PPP Loan. The covered period is the period beginning on the date the lender disburses the PPP loan and ending on a date selected by the borrower that occurs during the period (i) beginning on the date that is 8 weeks after the date of disbursement, and (ii) ending on the date that is 24 weeks after the date of disbursement.
I assume this means the second disbursement wouldn't be made until the first PPP Loan has been completed? Thus allowing you to start your 24 week coverage period on the second loan??