; and (B) the amount of payments made during the covered period on debt obligations that were incurred before the covered period. (2) Reduction based on reduction in number of employees (A) In general The amount of loan forgiveness under this section shall be reduced by the percentage equal to the difference obtained by subtracting— (i) the quotient obtained by dividing— (I) the average number of full-time equivalent employees per month employed by the eligible recipient during the covered period; by (II) (aa) the average number of full time equivalent employees per month employed by the eligible recipient during the period beginning on March 1, 2019 and ending on June 30, 2019; or (bb) in the case of an eligible recipient that is seasonal employer, as determined by the Administrator, the average number of full-time equivalent employees per month employed by the eligible recipient during the period beginning on March 1, 2019 and ending on June 30, 2019; from (ii) 1. (B) Calculation of average number of employees The average number of full-time equivalent employees shall be determined by calculating the average number of employees for each pay period falling within a month. (3) Reduction relating to compensation The amount of loan forgiveness under this section shall also be reduced by the amount of any reduction in excess of 25 percent of compensation in the most recent full quarter in which the employee was paid in compensation during the covered period of any employee who was compensated— (A) in an amount less than $33,333 during the period beginning on March 1, 2019 and ending on June 30, 2019