Puppet uses a pull model.
The interval that puppet executes is defined in the /etc/puppet/puppet.conf file. The default is 30 minutes.
You can simulate what will happen when puppet attempts to execute the puppet run, and no master is available.
puppet agent --verbose --noop --test --no-daemonize --server=foo.bar
Hint: You will see the following output
Error: Could not retrieve catalog from remote server: Connection refused - connect(2)
Warning: Not using cache on failed catalog
Error: Could not retrieve catalog; skipping run
Error: Could not send report: Connection refused - connect(2)
The puppet master won't show any failures during the time that it is down, instead it will just have a gap in the history.