; and (ii) for the third through seventh years of the covered loan, the Applicable Federal Rate plus 250 to 600 basis points based on the decline in gross receipts of the eligible recipient. (B) No payments for 12 months No interest payments shall be due on a covered loan for the first 12 months of the covered loan. (4) Special provisions for nonprofit organizations At the time of application for a covered loan, a nonprofit organization described in subsection (a)(5)(B) shall make an election— (A) for a covered loan with a maturity of not more than 14 years and an interest rate of not more than 2 percent for the first 4 years and the Applicable Federal Rate plus 100 to 300 basis points for the remaining duration of a covered loan, with no eligibility for forgiveness of the covered loan under subsection (j)