market, may, report to the Administrator an expected forgiveness amount on a covered loan or on a pool of covered loans of up to 100 percent of the principal on the covered loan or pool of covered loans, respectively. (B) Purchase The Administrator shall purchase the expected forgiveness amount described in subparagraph (A) as if the amount were the principal amount of a loan guaranteed under section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ). (C) Timing Not later than 15 days after the date on which the Administrator receives a report under subparagraph (A), the Administrator shall purchase the expected forgiveness amount under subparagraph (B) with respect to each covered loan to which the report relates. (d) Application (1) 7(a) loans An eligible recipient seeking loan forgiveness with respect to a covered loan described in subsection (a)(3)(B) under this section shall submit to the lender that is servicing the covered loan an application, which shall include— (A) documentation verifying the number of full-time equivalent employees on payroll and pay rates to support such loan forgiveness, including— (i) payroll tax filings reported to the Internal Revenue Service