; and (ii) in an amount that is not more than $100,000 in 1 year, as prorated for the covered period; (C) the compensation of an individual employee in excess of an annual salary of $100,000, as prorated for the covered period; (D) qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act (Public Law 116– 127); or (E) qualified family leave wages for which a credit is allowed under section 7003 of the Families First Coronavirus Response Act ( Public Law 116–127 ). (6) Socially and economically disadvantaged individuals The term socially and economically disadvantaged individuals means individuals described in paragraphs (5) and (6) of section 8(a) of the Small Business Act ( 15 U.S.C. 637(a) ). (7) Veterans organization The term veterans organization means an organization that is described in section 501(c)(19) of the Internal Revenue Code that is exempt from taxation under section 501(a) of such Code. (b) Grants (1) In general The Secretary of the Treasury shall create the Microbusiness Assistance Fund which may provide a grant to an eligible entity in an amount not greater than $250,000 to be used only for— (A) rehiring or hiring employees of the entity who were furloughed or laid off after February 15, 2020; (B) payment of, on or after the date described in subparagraph (A), payroll, salaries, commissions, or similar compensations, payroll taxes, employer compensation, rent (including under a lease agreement) or mortgage, including payments of interest on any mortgage obligation (not including prepayment of or payment of principal on a mortgage obligation), utilities, or insurance; (C) providing healthcare and benefits to employees at the same or similar levels as the entity provided on the date described in subparagraph (A), including continuation of group healthcare benefits during periods of paid sick, medical, or family leave, and insurance premiums