; and (2) is located in a State or territory of the United States with a confirmed or presumed positive case of COVID–19. (c) Use of funds In addition to the use of proceeds currently permitted under section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), loans made under this section may be used for the following purposes: (1) To make periodic payments of principal and interest, for a period not to exceed 12 months, on a loan or a loan guarantee made to an eligible borrower that meets the eligibility standards of such section 7(a). (2) To provide benefits to employees of the eligible borrower, including group life insurance, disability insurance, sick leave, annual leave, educational benefits, paid family leave, or retirement benefits (including a pension plan or IRA). (3) To pay wages to employees of the eligible borrower, and related State and Federal payroll taxes, except that loan proceeds may not be used to pay amounts under a garnishment order issued by an agency of a State or Federal Government. (4) To provide technology, hardware, or software for a shift to telework or remote work for employees of the eligible borrower to enable continuity of operations. (5) To pay rent or utilities due or owed on any place of business of the eligible borrower. (6) To refinance an existing debt (including interest) in an amount not to exceed 50 percent of the amount of the debt. (7) To provide floor plan financing or other revolving line of credit. (8) To pay past-due Federal, State, or local payroll taxes, sales taxes, or other similar taxes that are required to be collected by the eligible borrower and held in trust on behalf of a Federal, State, or local government entity. (9) To provide employees and patrons of the eligible borrower with the necessary items specified by any public health authority to mitigate the spread of COVID–19. (d) Loan terms (1) Amount Loans made under this section may not exceed $2,500,000. (2) Disbursement Not more than 20 percent of the proceeds of a loan made under this section shall