; (II) any business concern operating as a franchise that is assigned a franchise identifier code by the Administration; and (III) any business concern that receives financial assistance from a company licensed under section 301 of the Small Business Investment Act of 1958 ( 15 U.S.C. 681 ). (E) Maximum loan amount During the covered period, with respect to a covered loan, the maximum loan amount shall be the lesser of— (i) (I) the product obtained by multiplying— (aa) the average total monthly payments by the applicant for payroll costs, costs related mortgage payments, rent (including under a lease agreement), and utilities incurred during the 1-year period before the date on which the loan is made, except that, in the case of an applicant that is seasonal employer, as determined by the Administrator, the average total monthly payments for payroll shall be for the 12-week period beginning February 15, 2019, or at the election of the eligible recipient, March 1, 2019, and ending June 30, 2019; by (bb) 4; or (II) if requested by an otherwise eligible recipient that was not in business during the period beginning on February 15, 2019 and ending on June 30, 2019, the product obtained by multiplying— (aa) the average total monthly payments by the applicant for payroll costs, costs related mortgage payments, rent (including under a lease agreement), and utilities incurred during the period beginning on January 1, 2020 and ending on February 29, 2020; by (bb) 4; or (ii) $10,000,000. (F) Allowable uses of covered loans (i) In general During the covered period, an eligible recipient may, in addition to the allowable uses of a loan made under this subsection, use the proceeds of the covered loan for— (I) payroll costs; (II) costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums; (III) employee salaries, commissions, or similar compensations; (IV) mortgage payments; (V) rent (including rent under a lease agreement); (VI) utilities