April 10, 2020 (CARSON CITY, Nev.) – Greater Commercial Lending (GCL) continues to accept applications for the Paycheck Protection Program (PPP), cleared by the US Small Business Administration (SBA) following assistance to recently enacted coronavirus, Relief and Economic Security Act (CARES Act). The company is one of the first commercial lenders to fully embrace PPP in the state of Nevada since applications opened on Friday, April 3. By midday Monday, April 6, more than 400 Nevada companies 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 companies, whether or not they have a current relationship with the company. This move 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 is helping more businesses and people live better lives in a variety of ways,” said Wally Murray, president and CEO of Greater Nevada. “This new loan program can provide essential assistance to small business owners as they seek to protect their businesses and continue to pay their employees and large bills. We encourage all small businesses in Nevada that have been affected by COVID-19 to consider applying for a loan under this new program which has a low interest rate of 1.00% 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 during the current pandemic. In particular, the CARES Act expanded the SBA Section 7 (a) loan program, also known as the “Paycheck Protection Program” (PPP), which aims to support small businesses through:
· Cash to cover certain business expenses (such as employee salaries and payroll support, rent or mortgage and utility payments, insurance premiums);
· 6 months of deferred loan payment; and
· Loan cancellation (part or all of the loan can be canceled).
The SBA describes this program as available to all businesses – including nonprofits, veterans organizations, tribal businesses, sole proprietorships, freelancers, and independent contractors – with fewer than 500 employees. . Companies in some industries may have more than 500 employees if they meet certain size standards for those industries. Small hospitality and food businesses with more than one location might also be eligible if their individual locations employ fewer than 500 workers.
To learn more about the program and to apply online, visit www.GNCU.org/PPP or call the GNCU dedicated PPP hotline at (775) 886-1966.
Greater Nevada Credit Union (GNCU) is headquartered in Carson City, Nevada, and has been helping Nevada residents meet their financial needs since 1949. The credit union serves over 74,000 consumers and small businesses, owns over $ 1 billion. of dollars 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 historically been 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.