; or (II) 85 percent of regular operating expenses accrued since January 1, 2020, minus revenue generated over that period. (ii) Disbursement Priority consideration in the loan disbursement shall be given to nonprofits representing youth sports providers serving high priority areas. This consideration may include designating a specific amount of the loan funding allocated to be used exclusively for nonprofit providers serving high priority areas. (F) Allowable uses of covered loans During the covered period, an eligible recipient may use the proceeds of the covered loan for regular operating expenses. (G) Loan forgiveness (i) (I) Forgiveness An eligible recipient shall be eligible for forgiveness of indebtedness on a covered loan in an amount equal to percentage forgiveness multiplied by the loan amount. (II) Eligible expenses Up to 50 percent of forgiveness shall be granted for use for the eligible expenses enumerated above. (III) Additional forgiveness Additional forgiveness of the remaining 50 percent shall be prorated based on the number of youth participants in the program participating in some capacity (i.e. virtual) by December 2021 (as compared to participation rates over a comparable period in 2019). Criteria shall be developed to define this standard and take into account factors that would limit or reduce participation, such as continuing COVID–19 concerns. (IV) Treatment of amounts forgiven (aa) In general Amounts which have been forgiven under this section shall be considered cancelled indebtedness by a lender authorized under section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ). (bb) Purchase of guarantees For purposes of the purchase of the guarantee for a covered loan by the Administrator, amounts which are forgiven under this section shall be treated in accordance with the procedures that are otherwise applicable to a loan guaranteed under section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ). (cc) Remittance Not later than 90 days after the date on which the amount of forgiveness