; and (2) only award grants to eligible entities with annual revenues of less than $1,500,000. (e) Grant amount (1) Determination of grant amount (A) In general The amount of a grant made to an eligible entity under this section shall be based on the difference in revenues or estimated revenues of the eligible entity during a calendar quarter in 2020 as compared to the same calendar quarter in 2019. (B) Verification An eligible entity shall submit to the Secretary such revenue verification documentation as the Secretary may require to determine the amount of a grant under subparagraph (A). (C) Repayment Any amount of a grant made under this section to an eligible entity based on estimated revenues in a calendar quarter in 2020 that is above the actual revenues of the eligible entity during that calendar quarter shall be converted to a loan that has— (i) an interest rate of 1 percent; and (ii) a maturity date of 10 years beginning on January 1, 2021. (2) Reduction based on PPP forgiveness or EIDL emergency grant If an eligible entity has, at the time of application for a grant under this section, received an emergency grant under section 1110(e) of the CARES Act ( Public Law 116–136 ) or loan forgiveness under section 1106 of such Act related to expenses incurred during the covered period, the maximum amount of a grant awarded to the eligible entity under this section shall be reduced by the amount of funds expended by or forgiven for the eligible entity for those expenses using amounts received under such section 1110(e) or forgiven under such section 1106. (3) Limitation An eligible entity may not receive more than 1 grant under this section. (f) Use of funds (1) In general During the covered period, an eligible entity that receives a grant under this section may use the grant funds for— (A) payroll costs; (B) payments of principal or interest on any mortgage obligation; (C) rent payments, including rent under a lease agreement; (D) utilities