EIDL Loan definition

EIDL Loan means a loan pursuant to the Covid-19 Economic Injury Disaster Loan, under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
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EIDL Loan means that certain Economic Injury Disaster Loan (SBA Loan #1343947905) dated June 10, 2020 from the U.S. Small Business Administration to the Company in the principal amount of $126,200.
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EIDL Loan means the obligations under that certain Loan Authorization and Agreement dated June 20, 2020, by and between the Company and the U.S. Small Business Administration and each other agreement or other document executed in connection therewith.
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Examples of EIDL Loan in a sentence

  • After receiving a PPP Loan you may not be eligible to apply for an EIDL Loan.

  • Seller has used 100% of the proceeds of such PPP Loan solely for PPP Forgivable Uses, and has used the EIDL Loan solely for permitted purposes under the Covid-19 Economic Injury Disaster Loan terms pursuant to the CARES Act.

  • Please note that businesses may not receive both Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) loans for the same purpose.If you already have an EIDL loan you may apply for a PPP Loan and refinance the EIDL Loan using the PPP Loan.

  • If you have submitted your EIDL Loan Application but have not yet received the approval or funds, you have the option to apply for both loans and choose which one you would like to accept.

  • To its Knowledge in good faith, Seller meets the eligibility requirements for application and receipt of the PPP Loan and EIDL Loan and is otherwise in compliance in all material respects with the CARES Act with respect to the same.

  • A borrower can have both a PPP Loan and an EIDL Loan only if the EIDL loan is for a purpose other than payroll, health care benefits, mortgage interest, rent, utilities and loan interest.

  • In the interim final rules, the SBA has stated that if an EIDL Loan was used for payroll costs, the applicant’s PPP Loan must also be used to refinance the EIDL Loan.

  • Interest at 3.75% per annum (31 December 2021: 3.75%) is payable under this EIDL Loan.

  • Except for the PPP Loans and EIDL Loan, the Company has not received any payment or incurred any Loss pursuant to, arising out of or other in connection with the Paycheck Protection Program (pursuant to the CARES Act), the U.S. Small Business Administration or any similar funds from federal, state and local Governmental Authority relief programs.

  • The EIDL Loan of $150,000 was made available to the Company by the U.S. Small Business Administration on 16 June 2020.


More Definitions of EIDL Loan

EIDL Loan means the economic injury disaster loan in the amount of $159,900.00 from the Small Business Administration to Borrower.
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EIDL Loan means the Secured Disaster Loan for the sum of $150,000 made by the U.S. Small Business Administration to the Company pursuant to a Loan Authorization Agreement dated June 25, 2020 and a Note and Security Agreement of even date therewith.
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EIDL Loan means that certain $150,000 COVID-19 Economic Injury Disaster Loan from the SBA to MTC, secured by substantially all personal property assets of MTC and guaranteed by Bruce Corwin, as subsequently increased to $500,000, and including any amendments, modifications, or supplements thereto.
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EIDL Loan means that certain promissory note, dated June 10, 2020, in the principal amount of $150,000 issued to the U.S. Small Business Administration pursuant their economic injury disaster loan program.
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Related to EIDL Loan

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • PPP Loan means the loan in principal amount of $673,184 issued to the Company by the PPP Lender pursuant to the promissory note dated April 20, 2020.

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • Initial Loan is defined in Section 2.1.

  • DIP Loan Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

  • Subsidy Loan Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • CD Loan means a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election.

  • Sub-loan means a loan made or proposed to be made by the Borrower out of the proceeds of the Loan to a Private Enterprise for an Investment Project;

  • Co-op Loan A Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential cooperative housing corporation and a collateral assignment of the related Co-op Lease.

  • U.S. Revolving Loan means a Revolving Loan made to the U.S. Borrower by the U.S. Revolving Lenders.

  • Original Loan shall have the meaning set forth in the recitals hereto.

  • PACE Loan means (x) any “Property-Assessed Clean Energy loan” or (y) any other indebtedness, without regard to the name given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year assessments against the Property.

  • New Loan means a Loan made by the Failed Bank after the Bid Valuation Date that is not a continuation, amendment, modification, renewal, extension, refinancing, restructuring or refunding of or for any then-existing Loan.

  • Existing Loan means the loan identified on Exhibit H.

  • Revolving Loan Note means a promissory note in the form of Exhibit B-2, as it may be amended, supplemented or otherwise modified from time to time.

  • Canadian Loan means a Loan made to a Canadian Borrower denominated in Canadian Dollars.

  • PMI Advance As defined in the related Servicing Agreement, if applicable.

  • MOM Loan With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

  • Additional Loan means the Eligible Loans evidenced by a Note or Notes sold from time to time during the Supplemental Purchase Period pursuant to an Additional Purchase Agreement and related documentation, together with any guaranties and other rights relating thereto including, without limitation, Interest Subsidy Payments and Special Allowance Payments.

  • Revolver Loan a loan made pursuant to Section 2.1, and any Swingline Loan, Overadvance Loan or Protective Advance.

  • Term SOFR Loan means a Committed Loan that bears interest at a rate based on clause (a) of the definition of Term SOFR.

  • ABR Revolving Loan means any Revolving Facility Loan bearing interest at a rate determined by reference to the ABR in accordance with the provisions of Article II.