On July 4, 2020, federal legislation was passed extending the Small Business Administration’s Paycheck Protection Program (SBA PPP) through Aug. 8, 2020. Greater Commercial Lending (GCL), a wholly-owned subsidiary of Greater Nevada Credit Union (GNCU), has quickly responded to the needs of the Nevada community by committing to continue its participation in the PPP program for businesses based in the Silver State.
“The move by Congress and the President to keep the PPP lending process open allows companies affected by the COVID-19 pandemic to continue to have access to more than $130 billion in much needed funds that remain uncommitted,” said Wally Murray, president and chief executive officer of Greater Nevada Credit Union and Greater Commercial Lending.
“We remain dedicated to helping Nevada businesses of all types and sizes work through coronavirus-related economic impacts. Many businesses in the state, including those in important sectors like tourism and retail, have been hard hit. Their ability to make it through this challenging time will be a key to Nevada’s overall recovery, and we are here to help them do so.”
To qualify for an SBA PPP loan, applicants must not have had one previously. To ensure Nevada entities have availability to as much funding as possible, at this time GCL will only be accepting applications from companies with a Nevada business address. GCL has re-opened its dedicated PPP hotline to assist loan applicants. The phone number is (775) 886-1966.
“The COVID-19 pandemic and the measures to keep Nevadans and tourists safe have had a significant impact on the tourism industry in the state,” said Kate Marshall, Nevada Lieutenant Governor. “Due to the Small Business Administration’s extension of the Paycheck Protection Program, Greater Nevada Credit Union will be able to help more Nevada-based businesses recover from this economic hit.”
“We are the oldest family-owned helicopter skiing and snowboarding operation in the U.S., providing incredible backcountry trips in the Ruby Mountains complete with jaw-dropping terrain, an inspiring base lodge, exceptional food and beverage service and attention to detail for our guests that is second to none,” said Michael Royer, owner of Ruby Mountains Heli-Experience. “GNCU helped us tremendously with the PPP program so that we could keep our employees working during our new developing summer business season offering three-day and dinner packages out of Ruby 360 Lodge. As a family-owned tourism business, we are thankful to the team at GNCU for helping us through the process.”
As of the original June 30 deadline, GNCU and GCL closed more than 5,600 SBA PPP loans totaling $556 million. That included over 1,850 loans to Nevada-based companies for nearly $115 million.
To learn more, visit gncu.org/ppp or call GCL’s dedicated PPP hotline at (775) 886-1966.
About Greater Nevada Credit Union:
Greater Nevada Credit Union (GNCU) is headquartered in Carson City, Nev. and has been helping Nevadans with their financial needs since 1949. The credit union serves more than 75,000 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 three-time USDA National 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.
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