subparagraph (B). (B) Significant decline in gross receipts The period described in this subparagraph is the period— (i) beginning with the first calendar quarter beginning after December 31, 2019, for which gross receipts (within the meaning of section 448(c) of the Internal Revenue Code of 1986) for the calendar quarter are less than 90 percent of gross receipts for the same calendar quarter in the prior year, and (ii) ending with the calendar quarter following the first calendar quarter beginning after a calendar quarter described in clause (i) for which gross receipts of such employer are greater than 90 percent of gross receipts for the same calendar quarter in the prior year. (C) Tax-exempt organizations In the case of an organization which is described in section 501(c) of the Internal Revenue Code of 1986 and exempt from tax under section 501(a) of such Code— (i) any reference in this section to a trade or business shall be treated as a reference to all operations of such organization, and (ii) any reference in this section to gross receipts shall be treated as a reference to gross receipts within the meaning of section 6033 of the Internal Revenue Code of 1986. (D) Phase-in of credit where business not suspended and reduction in gross receipts less than 50 percent (i) In general In the case of any calendar quarter with respect to which an eligible employer would not be an eligible employer if subparagraph (B)(i) were applied by substituting 50 percent for 90 percent , the amount of the credit allowed under subsection (a) shall be reduced by the amount which bears the same ratio to the amount of such credit (determined without regard to this subparagraph) as— (I) the excess gross receipts percentage point amount, bears to (II) 40 percentage points. (ii) Excess gross receipts percentage point amount For purposes of this subparagraph, the term excess gross receipts percentage point amount means, with respect to any calendar quarter, the excess of— (I) the lowest of the gross receipts percentage point