; and (II) the amount equal to the quotient obtained by dividing— (aa) the amount of the covered loan used for payroll costs during the covered period; and (bb) 0.60. (I) Lender eligibility Except as otherwise provided in this paragraph, a lender approved to make loans under paragraph (36) may make covered loans under the same terms and conditions as in paragraph (36). (J) Reimbursement for loan processing and servicing The Administrator shall reimburse a lender authorized to make a covered loan in an amount that is— (i) 3 percent of the principal amount of the financing of the covered loan up to $350,000; and (ii) 1 percent of the principal amount of the financing of the covered loan above $350,000, if applicable. (K) Set aside for small entities Not less than $25,000,000,000 of the total amount of covered loans guaranteed by the Administrator shall be made to eligible entities with not more than 10 employees as of February 15, 2020. (L) Set aside for community financial institutions, small insured depository institutions, credit unions, and farm credit system institutions Not less than $10,000,000,000 of the total amount of covered loans guaranteed by the Administrator shall be made by— (i) community financial institutions; (ii) insured depository institutions with consolidated assets of less than $10,000,000,000; (iii) credit unions with consolidated assets of less than $10,000,000,000