; or (v) are located in low-income and rural communities, including low-income communities as defined in section 45D(e) of the Internal Revenue Code of 1986; and (B) Tribal business concerns. (b) Establishment The Administrator shall establish a program to guarantee loans made to eligible recipients affected by COVID–19. (c) Participation In an agreement to participate in a covered loan on a deferred basis, the participation by the Administration shall be 100 percent. (d) Terms and requirements (1) Duration Except as provided in paragraph (4), the duration of a covered loan shall be for not more than 7 years. (2) Amount (A) In general The amount of a covered loan made to an eligible recipient shall be not more than the lesser of— (i) 45 percent of the 2019 gross receipts of the eligible recipient; and (ii) $12,000,000. (B) Duplication of assistance An eligible recipient of a covered loan shall not use proceeds of the covered loan for the same expenses that are covered using funds received under subsection (a)(36) or (b)(2) of section 7 of the Small Business Act ( 15 U.S.C. 636 ), section 1110 of the CARES Act ( Public Law 116–136 ), or section 4003 of the CARES Act ( Public Law 116–136 ). (3) Interest rate (A) In general Except as provided in paragraph (4), the interest rate on a covered loan shall be, as determined by the Administrator and the Secretary— (i) for the first 2 years of the covered loan, not less than 2 percent and not more than 4 percent