; and (2) the covered loan shall have a maximum maturity of 7 years beginning on the date of the origination of the covered loan. (j) Loan forgiveness (1) In general Except as otherwise provided in this subsection, an eligible recipient of a covered loan that is not a nonprofit organization and submits an application not later than December 31, 2023, shall be eligible for forgiveness for expenses described in subparagraphs (A) through (F) of subsection (g)(2) incurred during the covered period using proceeds of the covered loan in an amount equal to the product obtained by multiplying— (A) the product obtained by multiplying— (i) the percentage decline in gross receipts of the eligible recipient— (I) if the covered period does not extend past March 31, 2021, between the total gross receipts received by the business during calendar year 2020 and the total gross receipts received by the business during calendar year 2019; (II) between the total gross receipts received by the business during the 6-month period following the date of the origination of the covered loan and the total gross receipts received by the business during a comparable 6-month period during the 12-month period preceding the date of the origination of the covered loan; or (III) if the covered period extends past March 31, 2021, between the total gross receipts received by the business during the covered period and the total gross receipts received by the business during a comparable period; and (ii) .90; and (B) (i) for an eligible recipient with not more than 500 full-time employees as of February 15, 2020, the sum of the expenses of the eligible recipient described in subparagraphs (A) through (F) of subsection (g)(2) paid during the covered period