Ok. "That doesn't even cover bandwidth" can be paraphrased as, "That's so little money, it probably wouldn't even cover a single item of expense out of the many that would inevitably be involved in this type of project."
He didn't mean "That would be enough money if only it were enough to cover bandwidth. Thus if you show that this monthly sum will cover bandwidth, you've shown it is sufficient to run the entire company."
Let me know if you need pictograms. <3