Generally copyright is up to the copyright holder to determine the rules about how things are enforced. I think that if you're using covers and aren't selling your work, then it's unlikely that the copyright holder will go after you for infringement. But they still can, so no guarantees. The precedent I'm looking at is something like Soundcloud or YouTube where I know many people upload covers of songs with no issues. Sorry I can't give you a more concrete answer, but copyright can be vague in a lot of scenarios.
Should you get a copyright claim, we'll work with you to get your page in the clear. We don't use a "three strikes" system like other platforms, we don't ban people if they get N infringements. But, if we see people intentionally abusing copyright then we may step in with an admin action on their account.