; (II) any business concern operating as a franchise that is assigned a franchise identifier code by the Administration; and (III) any business concern that receives financial assistance from a company licensed under section 301 of the Small Business Investment Act of 1958 ( 15 U.S.C. 681 ). (iv) Affiliation The provisions applicable to affiliations under section 121.103 of title 13, Code of Federal Regulations, or any successor thereto, shall apply with respect to a nonprofit organization and a veterans organization in the same manner as with respect to a small business concern. (E) Maximum loan amount During the covered period, with respect to a covered loan, the maximum loan amount shall be the lesser of— (i) (I) the sum of— (aa) the product obtained by multiplying— (AA) the average total monthly payments by the applicant for payroll costs incurred during the 1-year period before the date on which the loan is made, except that, in the case of an applicant that is seasonal employer, as determined by the Administrator, the average total monthly payments for payroll shall be for any 12-week period selected by the seasonal employer that is between August 8, 2023, and May 10, 2024 and ends before the date on which the loan is made; by (BB) 2.5; and (bb) the outstanding amount of a loan under subsection (b)(2) that was made during the period beginning on August 8, 2023, and ending on the date on which covered loans are made available to be refinanced under the covered loan; or (II) if requested by an otherwise eligible recipient that was not in business during the period beginning on August 8, 2022, and ending on May 10, 2023, the sum of— (aa) the product obtained by multiplying— (AA) the average total monthly payments by the applicant for payroll costs incurred during the period beginning on May 11, 2023, and ending on August 8, 2023; by (BB) 2.5