The amount of loan forgiveness under this section shall not exceed the principal amount of the financing made available under the applicable covered loan. The amount of loan forgiveness shall not exceed the sum of:
- The total payroll costs incurred by the eligible recipient during the covered period; and
- The amount of payments made during the covered period on debt obligations that were incurred before the covered period.
- The covered period is March 1, 2020 through December 31, 2020
- The amount of loan forgiveness is reduced if the businesses full-time equivalent (FTE) count has a reduction in FTE.