; or (III) in the case of an eligible recipient that is a seasonal employer, as determined by the SBA Administrator, the average number of full-time equivalent employees per month employed by the eligible recipient during the beginning on February 15, 2019, and ending on June 30, 2019. (B) Calculation of average number of employees For purposes of subparagraph (A), the average number of full-time equivalent employees shall be determined by calculating the average number of full-time equivalent employees for each pay period falling with a month. (2) Reduction relating to salary and wages (A) In general The amount of grants under this section shall be reduced by the amount of any reduction in total salary or wages of any employee described in subparagraph (B) during the covered period that is in excess of 25 percent of the total salary or wages of the employee during the most recent full quarter during which the employee was employed before the covered period. (B) Employees described An employee described in this subparagraph is any employee who did not receive, during any single pay period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000. (3) Exception for tipped workers An eligible recipient with tipped employees described in section 3(m)(2)(A) of the Fair Labor Standards Act of 1938 ( 29 U.S.C. 203(m)(2)(A) ) may receive forgiveness for additional wages paid to those employees. (4) Ineligibility and exclusion from future consideration of funds The SBA Administrator shall consider immediately stopping and excluding any future grants for additional covered entities that fire their employees during the payment period. (5) Exception for re-hires (A) In general In a circumstance described in paragraph (4), the amount of grants under this section shall be determined without regard to a reduction in the number of full-time equivalent employees of an eligible recipient or a reduction in the salary of 1 or more employees of the eligible recipient, as applicable, during the period