That receiver should handle 500 pounds easy. Just allow some off for the lever action of the items you are loading on the platform, plus the weight of the platform itself. Consider paying the extra for an aluminum platform, they are 50-60 % the weight of the steel ones. I think even Harbor Freight has a few models.
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2019 Cherokee Wolf Pup 16BHS flipped axle, 5K springs, 400AH LiFePO4, 3K inverter, 200W CIGS solar
2019 Ford F-150 S-Crew 5.5 bed V8 w/tow package, ITBC, Tow Mirrors, 3.55, SumoSprings, 7000# GVWR, 1990#CC
Husky Centerline TS WDH 400-600# spring bars
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