If you're releasing your cover song as a single, and then releasing it on a full length album, that requires two separate licenses, as they are two separate releases according to Copyright Law.
If you release your cover song on an album, and then on a compilation album a year later, that requires two separate licenses, as they are two separate releases according to Copyright Law.
If you are releasing a cover song as a single, and it is going to be on an album that you're going to release in the next few months, give us a call and let us know so you can avoid paying an additional $12 fee. 323-776-6475