pandemic-related revenue loss
(7) Pandemic-related revenue loss The term “pandemic-related revenue loss” means, with respect to an eligible entity— (A) except as provided in subparagraphs (B), (C), and (D), the gross receipts, as established using such verification documentation as the Administrator may require, of the eligible entity during 2020 subtracted from the gross receipts of the eligible entity in 2019, if such sum is greater than zero; (B) if the eligible entity was not in operation for the entirety of 2019— (i) the difference between— (I) the product obtained by multiplying the average monthly gross receipts of the eligible entity in 2019 by 12; and (II) the product obtained by multiplying the average monthly gross receipts of the eligible entity in 2020 by 12; or (ii) an amount based on a formula determined by the Administrator; (C) if the eligible entity opened during the period beginning on January 1, 2020 , and ending on the day before March 11, 2021 — (i) the expenses described in subsection (c)(5)(A) that were incurred by the eligible entity minus any gross receipts received; or (ii) an amount based on a formula determined by the Administrator; or (D) if the eligible entity has not yet opened as of the date of application for a grant under subsection (c), but has incurred expenses described in subsection (c)(5)(A) as of March 11, 2021 — (i) the amount of those expenses; or (ii) an amount based on a formula determined by the Administrator. For purposes of this paragraph, the pandemic-related revenue losses for an eligible entity shall be reduced by any amounts received from a covered loan made under paragraph (36) or (37) of section 636(a) of this title in 2020 or 2021.