; 134 Stat. 3075), or premiums taken into account in determining the credit allowed under section 6432 of the Internal Revenue Code of 1986. (15) Private school The term private school means an institution of higher education (as such term is defined in section 101(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1001(a) ) that is not a public institution. (b) Forgiveness and waivers (1) Payroll loans A recipient of a covered loan described in subsection (a)(3)(B) shall be eligible for forgiveness of indebtedness on such covered loan in an amount equal to the sum of the following costs incurred and payments made during the covered period: (A) Payroll costs. (B) Any payment of interest on any covered mortgage obligation (which shall not include any prepayment of or payment of principal on a covered mortgage obligation). (C) Any payment on any covered rent obligation. (D) Any covered utility payment. (E) Any covered operations expenditure. (F) Any covered property damage cost. (G) Any covered supplier cost. (2) Disaster loans (A) In general Except as provided by subparagraph (B), a recipient of a covered loan described in subsection (a)(3)(A) shall, at the election of the recipient, be eligible for— (i) forgiveness of indebtedness on such covered loan in amount equal to the lesser of— (I) the amount by which such covered loan exceeds $500; and (II) $1800; or (ii) a waiver of interest charges on such covered loan, except that— (I) the total amount of interest waived under such waiver may not exceed $1800; and (II) such waiver may last not more than three years. (B) Private schools A recipient of a covered loan described in subsection (a)(3)(A) that is a private school shall, at the election of the recipient, be eligible for— (i) forgiveness of indebtedness on such covered loan as described in subparagraph (A)(i)