employees of the eligible employer. (3) Refundability of excess credit (A) In general If the amount of the credit under subsection (a) exceeds the limitation of paragraph (2) for any calendar quarter, such excess shall be treated as an overpayment that shall be refunded under sections 6402(a) and 6413(b) of such Code. (B) Treatment of payments For purposes of section 1324 of title 31, United States Code, any amounts due to the employer under this paragraph shall be treated in the same manner as a refund due from a credit provision referred to in subsection (b)(2) of such section. (c) Definitions For purposes of this section— (1) Eligible employer The term eligible employer means an employer— (A) which conducted an active trade or business on January 31, 2020, (B) with respect to which such trade or business is an inoperable trade or business after January 31, 2020 during any calendar quarter, and (C) which had either— (i) no more than 1,500 full-time equivalent employees (as defined in section 45R(d)(2) of the Internal Revenue Code of 1986) for calendar year 2019, or (ii) no more than $41.5 million in gross receipts in calendar year 2019. (2) Inoperable trade or business The term inoperable trade or business means any trade or business of an eligible employer for which gross receipts for the calendar quarter are less than 80 percent of gross receipts for the same calendar quarter for the prior year. (3) Qualified wages The term qualified wages means wages (as defined in section 3121(a) of such Code) or compensation (as defined in section 3231(e) of such Code) paid or incurred by an eligible employer with respect to an employee on any day after January 31, 2020 and before December 31, 2020 that falls during the designated period, except that such term shall not include any wages taken into account under section 7001 or section 7003 of the Families First Coronavirus Response Act. (4) Designated period The term designated period means the period— (A) beginning in the calendar quarter in which the trade or business