; or (BB) that retains, as a member of the board of directors of the business concern, a person who is a resident of the People’s Republic of China; and (vii) the term Tribal business concern means a Tribal business concern described in section 31(b)(2)(C). (B) Loans Except as otherwise provided in this paragraph, the Administrator may guarantee covered loans to eligible entities under the same terms, conditions, and processes as a loan made under paragraph (36). (C) Maximum loan amount (i) In general Except as otherwise provided in this subparagraph, the maximum amount of a covered loan made to an eligible entity is the lesser of— (I) the product obtained by multiplying— (aa) the average total monthly payment for payroll costs incurred or paid by the eligible entity during the 1-year period before the date on which the loan is made, by (bb) 2.5; or (II) $2,000,000. (ii) Seasonal employers The maximum amount of a covered loan made to an eligible entity that is a seasonal employer is the lesser of— (I) the product obtained by multiplying— (aa) at the election of the eligible entity, the average total monthly payments for payroll costs incurred or paid by the eligible entity— (AA) for a 12-week period beginning February 15, 2019, or March 1, 2019, and ending June 30, 2019; or (BB) for a consecutive 12-week period between May 1, 2019, and September 15, 2019, by (bb) 2.5; or (II) $1,000,000. (iii) New entities The maximum amount of a covered loan made to an eligible entity that did not exist during the 1-year period preceding February 15, 2020, is the lesser of— (I) the product obtained by multiplying— (aa) the quotient obtained by dividing— (AA) the sum of the total monthly payments by the eligible entity for payroll costs paid or incurred by the eligible entity as of the date on which the eligible entity applies for the covered loan, by (BB) the number of months in which those payroll costs were paid or incurred, by (bb) 2.5