; (2) the term covered period means the period beginning on March 1, 2020 and ending on June 30, 2020; (3) the term eligible recipient means the recipient of a covered 7(a) loan; and (4) the term payroll costs shall not include— (A) the compensation of an individual employee in excess of $33,333 during the covered period; (B) qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act; or (C) qualified family leave wages for which a credit is allowed under section 7003 of the Families First Coronavirus Response Act. (b) Forgiveness An eligible recipient shall be eligible for forgiveness of indebtedness on a covered 7(a) loan in an amount equal to the cost of maintaining payroll continuity during the covered period. (c) Treatment of amounts forgiven (1) In general Amounts which have been forgiven under this section shall be considered canceled indebtedness by lenders authorized under section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ). (2) For purposes of redemption of guarantees For purposes of the redemption of a guarantee by the lender for a covered 7(a) loan, amounts which are forgiven under this section shall be treated as a default, in accordance with the procedures that are otherwise applicable to a default on a loan guaranteed under section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ). (d) Limits on amount of forgiveness (1) In general The amount of loan forgiveness under this section for an eligible recipient shall not exceed the sum of— (A) the total payroll costs incurred by the eligible recipient during the covered period