Greater Commercial Lending: Over 400 businesses have applied for PPP
CARSON CITY, Nev. — Greater Commercial Lending (GCL) continues to accept applications for the Paycheck Protection Program (PPP) that was 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).
According to an April 6 press release provided by Greater Nevada Credit Union, of which GCL is a subsidiary, the company refers to itself as “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 … (which) will continue to accept PPP applications from all interested Nevada based businesses, regardless of whether they have a current relationship with the company,” according to the press release. “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 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,” GNCU President and CEO Wally Murray said in a statement. “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.”
Signed into law March 27 by President Trump, the CARES Act, among other things, expands 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).
To learn more, visit http://www.GNCU.org/PPP.
Heather Ashbridge, who started with Nevada State Development Corporation in 2008, previously served in several roles with the organization, including assistant vice president and loan officer. She is based in NSDC’s Reno office.