Daily limit resets at 00:00 CE(S)T. Open-position P/L counts toward both limits.
You can lose at most
$2,200
before hitting the daily loss limit (today). At $500 risk per trade, that is 4 full losing trades.
For your account: if equity falls to $97,000, the firm's rule is broken. Set your own stop-for-the-day well above it: your limit should be smaller than the firm's.
Educational estimate from the firms' published formulas. Spreads, slippage, swaps and commissions can move equity past a floor. The firm's own dashboard is the authority.