I definitely think from my research that this issue is open to interpretation — and may depend on the situation. For example, if you use PPP funds only to retain employees on the payroll (or pay rent), the money would not be considered income to you – -and not have to be reported when you certify for unemployment benefits.
Here’s a link to a definitive comment on Forbes.com, and the relevant point:
13. Is it possible to have overlap, e.g. UEI until PPP loan funds are received, or after PPP is supposedly used up through the end of June?
Yes, but individuals using more than one program are urged to be careful with the timing. You may qualify for PUA benefits until the PPP funds are received, and again after the PPP funds are depleted—but individuals should not apply for benefits for the period when they are relying upon PPP funds.
This is a question I would ask the bank that is disbursing the PPP loan. They are required to know the rules. And get their answer in writing so if you are challenged later you can rely on their written advice.