the covered loan or pool of covered loans, respectively. (B) Purchase The Administrator shall purchase the expected forgiveness amount described in subparagraph (A) as if the amount were the principal amount of a loan guaranteed under section 7(a) of the Small Business Act 636(a). (C) Timing Not later than 5 days after the date on which the Administrator receives a report under subparagraph (A), the Administrator shall purchase the expected forgiveness amount under subparagraph (B) with respect to each covered loan to which the report relates. (d) Limits on amount of forgiveness (1) Amount may not exceed principal The amount of loan forgiveness under this section shall not exceed the principal amount of the financing made available under the applicable covered loan. (2) Reduction based on reduction in number of employees (A) In general The amount of loan forgiveness under this section shall be reduced, but not increased, by multiplying the amount described in subsection (b) by the quotient obtained by dividing— (i) the average number of full-time equivalent employees per month employed by the eligible recipient during the covered period