of such period as such employee was paid during the covered period. (c) Eligible employee For purposes of this section, the term eligible employee means, with respect to any employer, any employee if— (1) such employee had taxes withheld by such employer under section 3101 for the entirety of the covered period, and (2) such employee’s annualized covered period wages do not exceed $99,000. (d) Covered period For purposes of this section, the term covered period means the period beginning on March 13, 2020, and ending on the earlier of July 31, 2020, or the end of the National Emergency Concerning the Novel Coronavirus Disease (COVID-19) Outbreak. (e) Refundability (1) Credit limited to employment taxes The credit allowed by subsection (a) with respect to any calendar quarter shall not exceed the applicable employment taxes (reduced by any credits allowed under subsections (e) and (f) of section 3111 of the Internal Revenue Code of 1986, sections 7001 and 7003 of the Families First Coronavirus Response Act, and section 2301 of the CARES Act) on the wages paid with respect to the employment of all the employees of the eligible employer for such calendar quarter. (2) Refundability of excess credit (A) In general If the amount of the credit under subsection (a) exceeds the limitation of paragraph (1) for any calendar quarter, such excess shall be treated as an overpayment that shall be refunded under sections 6402(a) and 6413(b) of the Internal Revenue Code of 1986. (B) Treatment of payments For purposes of section 1324 of title 31, United States Code, any amounts due to the employer under this paragraph shall be treated in the same manner as a refund due from a credit provision referred to in subsection (b)(2) of such section. (f) Other definitions For purposes of this section— (1) Applicable employment taxes The term applicable employment taxes means the following: (A) The taxes imposed under section 3111(a) of the Internal Revenue Code of 1986. (B) So much of the taxes imposed under section 3221(a) of such Code