April 10, 2020 (CARSON CITY, Nev.) – Greater Commercial Lending (GCL) continues to accept applications for the Paycheck Protection Program (PPP), authorized by the U.S. Small Business Administration (SBA) as a result of the recently enacted Coronavirus Aid, Relief and Economic Security Act (CARES Act). The company is one of the earliest business lenders to fully adopt the PPP in the State of Nevada since opening applications on Friday, April 3. By mid-day on Monday, April 6, over 400 Nevada businesses had submitted applications to GCL.
Greater Commercial Lending (GCL), a wholly-owned subsidiary of Greater Nevada Credit Union, will continue to accept PPP applications from all interested Nevada based businesses, regardless of whether they have a current relationship with the company. This decision was made in an effort to fully support Nevada based businesses and their employees as they navigate the extraordinary economic circumstances caused by the COVID-19 crisis.
“This is just the latest example of how Greater Commercial Lending delivers on helping more businesses and people Live Greater in a variety of ways,” said Wally Murray, Greater Nevada’s President and CEO. “This new loan program can provide critical assistance to small business owners as they seek to protect their businesses, and continue paying their employees and important bills. We are encouraging all Nevada small businesses that have been impacted by COVID-19 to consider applying for a loan under this new program that has a low 1.00% interest and very favorable repayment terms. ”
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help support businesses and families through the current pandemic. In particular, the CARES Act expanded the SBA Section 7(a) loan program, also referred to as the “Paycheck Protection Program” (PPP), which aims to support small businesses via:
· Cash to cover select business expenses (such as employee salaries and payroll support, rent or mortgage and utilities payments, insurance premiums);
· 6 months of deferred loan payments; and
· Loan forgiveness (a portion, or possibly all, of the loan may be forgiven).
The SBA outlines this program as being available for all businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with less than 500 employees. Businesses in certain industries may have more than 500 employees if they meet certain size standards for those industries. Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.
To learn more about the program and apply online, visit www.GNCU.org/PPP or call GNCU’s dedicated PPP hotline at (775) 886-1966.
Greater Nevada Credit Union (GNCU) is headquartered in Carson City, Nevada and has been helping Nevadans with their financial needs since 1949. The credit union serves more than 74,000 consumers and small businesses, has over $1 billion in assets, and is the largest community-owned financial institution domiciled in Nevada. GNCU’s subsidiaries include Greater Commercial Lending, Greater Nevada Mortgage and Greater Nevada Insurance. GNCU has been consistently recognized as a Best Financial Institution in many of its service areas, a top employer by the Reno/Tahoe Best Places to Work Awards, and is a USDA Lender of the Year. GNCU is also the title sponsor of Greater Nevada Field in Reno. For more information, call (800) 421-6674 or visit www.gncu.org.