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Paycheck Protection Program (PPP) Loans:
How to Qualify and Apply

Updated 1/13/2021

PPP 2.0 Progam Overview

PPP Round Two Latest Information

Greater Nevada Credit Union (GNCU) and our wholly owned subsidiary Greater Comercial Lending (GCL) are participating in PPP 2.0. Our team is committed to processing all complete, qualifying applications, regardless of any prior relationship with Greater Nevada.

Due to the extraordinary level of interest our team at GNCU and GCL are unable to answer individual questions about the application process at this time. We are focused on keeping this page and our social media accounts current with the latest information. We will regularly update this information, so please check back often. Bookmark this page for easy reference in the future.

If you are in Nevada and have questions about the Paycheck Protection Program (PPP), we have developed a partnership with the Nevada Small Business Development Center (NSBDC). They are available to offer advice and counseling to business owners. You can find more information and additional links to their national offices on our PPP resource page.

Documentation Requirements Checklist (PDF)


Acknowledgement of Agency (PDF)


Other PPP Resources


SBA First Draw Guidelines


SBA Second Draw Guidelines


GCL Success Stories

President Trump has signed a $2.3 trillion omnibus spending bill that includes the COVID-19 relief stimulus bill that includes added funding for PPP loans. The legislation states that the Small Business Administration (SBA) has ten days after enactment to issue regulations. A total of $284 billion has been allocated to PPP and the program has been extended to March 31, 2021.




Eligibility for the New Round of PPP Funding

Only certain businesses are eligible to receive a PPP loan, and these specifications are different for first-time loan recipients and second-draw recipients.

Loans less than $150,000 require certification in the form of a one-page letter from the borrower to the lender stipulating basic criteria and providing simple, high-level details.

The legislation calls for three categories of PPP loans:

  • First time PPP loans for businesses who qualified under the CARES Act but did not get a loan.
  • Second draw PPP loans for businesses that obtained a PPP loan but need additional funding.
  • Additional funding for businesses that returned their first PPP loan or did not get the full amount for which they qualified.

Eligibility for a first-draw PPP loan:

  • Your business has less than 500 full-time, part-time, or seasonal employees.
  • Your business was operational before February 15, 2020 and remains operational.

Eligibility for a second-draw PPP loan:

  • Your business has less than 300 full-time, part-time, or seasonal employees; if you have multiple locations, you may not have more than 300 employees per location.
  • You can prove a revenue reduction of at least 25% in the first, second, or third quarter of 2020 (when compared with the same quarter in 2019).
  • You have used or will use the full amount of the first-draw PPP.
  • Your business was operational before February 15, 2020 and remains operational.

Eligible businesses for first and second-draw PPP loans include:

  • Sole proprietors
  • Independent contractors
  • Self-employed individuals
  • Certain non-profits (the new bill has expanded eligible businesses to include certain 501(c)(6) non-profit organizations)
  • Seasonal employers: the new bill has clarified the definition of these to be businesses that operate no more than seven months within a year or earn no more than a third of gross receipts within a six-month period
  • Faith-based organizations that have less than 150 employees
  • Housing cooperatives that employ less than 300 people

Ineligible businesses for PPP loans:

  • Lobbying organizations
  • Organizations involved in political activities or public policy Lenders or financial services businesses
  • Cannabis businesses (or any other businesses that deal with products that are illegal at the federal level)
  • Household employers (such as those who employ housekeepers or nannies)
  • Businesses that have defaulted on SBA or federal loans
  • Any business that is at least 20% owned by someone who is currently incarcerated, on probation, on parole, or subject to an indictment
  • Any business that is at least 20% owned by someone who has been convicted of a felony within the last five years
  • Entities affiliated with the People’s Republic of China or Hong Kong or that have a member on their board of directors that is a resident of the People’s Republic of China
  • Registrants under the Foreign Agents Registration Act
  • Entities that have received or will receive a grant under the Shuttered Venue Operator Grant program

PPP Round 2 Loan Amount Limits

There are different loan limits based on applicant type in this latest round of PPP funding.

First-draw PPP loan limitations

The maximum amount a business that has not yet received a PPP loan can borrow is the lesser of:

  • 2.5 times the average monthly payroll costs and healthcare costs
  • $10 million

There may be exceptions to these limits for restaurants and other hospitality businesses (see section below).

Second-draw PPP loan limitations

Any business that is applying for a second draw will be subject to more stringent limitations. The maximum second PPP loan amount is the lesser of:

  • 2.5 times the average monthly payroll costs and healthcare costs in the year prior to when the loan was received or within the calendar year
  • 3.5 times the average monthly payroll costs and healthcare costs in the year prior to when the loan was received or within the calendar year for any business that is classified under Code 72 by the North American Industry Classification System (NAICS). (This is a list of hospitality and entertainment businesses like restaurants, hotels, and casinos; click the link to get the full list.)
  • $2 million

Use of PPP Funds and Covered Expenses in the PPP Program

Congress expanded the types of expenses for which PPP loans can be used, which applies to existing PPP loans (except in the event forgiveness has already been obtained) and new loans. In addition to payroll, rent, covered mortgage interest and utilities, the PPP now allows proceeds to be used for:

  • Covered Operations Expenditures: payments for business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment or tracking of payroll expenses, HR and billing functions, or account or tracking of supplies, inventory, records and expenses
  • Covered Property Damage Costs: costs related to property damaged and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation
  • Covered Supplier Costs: expenditures to a supplier of goods that are essential to the operations of the entity at the time at which the expenditure was made and is made pursuant to a contract or order in effect at any time before the covered period or, with respect to perishable goods, in effect at any time during the covered period
  • Covered Worker Protection Expenditures: operating or capital expenditures that allow a business to comply with requirements or guidance issued by the CDC, HHS, OSHA or any state or local government during the period beginning March 1, 2020 and ending on the date which the national emergency declared by the president expires related to the maintenance of standards for sanitation, social distancing or any other worker or customer safety requirement related to COVID-19. These expenses appear to include PPE, physical barriers that were put in place, expansion of indoor/outdoor space, ventilation or filtration systems and drive-through windows.

PPP Loan Forgiveness

The new legislation calls for the PPP program to offer streamlined and simplified loan forgiveness. The act also expands expenses that are eligible for forgiveness.

There is a new simple loan forgiveness application under the new bill and has not yet been released; it intends to make obtaining forgiveness easier for borrowers. This will be available to any PPP borrower who has borrowed less than $150,000.

The one-pager will require the borrower to sign and certify a description of:

  • the number of employees the borrower was able to retain because of the loan
  • the estimated total amount of the loan spent on payroll costs
  • the total loan amount

GNCU and GCL or our partner institutions who are servicing loans will provide updated information and online access to apply for loan forgiveness under these new rules for both existing and new loans. You can find the latest information on the GNCU/GCL PPP loan forgiveness page.

Tax Deductibility of PPP Expenses

The legislation also addresses the deductibility of expenses paid for with PPP loan proceeds. Under updated IRS and Treasury guidance two important distinctions were made:

  • Gross income does not include any forgivable amount of the PPP loan
  • Deductions are allowed for deductible expenses paid for by any forgiven amount from PPP loan

This clarifies what many borrowers viewed as an adverse tax consequence of the PPP program.

Important Notes about this PPP Information

Please keep in mind information on the PPP program is changing rapidly and is based on our current understanding. It can and likely will change.

The information contained on this page is based on laws, rules, regulations, and related guidance with respect to the Paycheck Protection Program, including guidance issued by the U.S. Small Business Administration (SBA). Although we will be checking and updating this as new information becomes available, please do not rely solely on this for your financial guidance. We encourage you to consult with your lawyers, CPAs and Financial Advisors. We will periodically update this information, so please check back often. Bookmark this page for easy reference in the future.

In case of any discrepancies between the information on this site and the SBA’s website, please follow the official SBA guidance.

General FAQs about PPP Round 2

This program gives small businesses access to short-term cash flow aid to help cover operating expenses and keep employees. These loans will come directly from Greater Nevada Credit Union and our wholly owned subsidiary Greater Commercial Lending and will be guaranteed by the U.S. Small Business Administration (SBA), so you’ll still be working with the bank you know and trust

Yes, Greater Nevada is currently accepting applications for PPP loans. Demand for these loans is anticipated to be very high, and you are encouraged to prepare all the necessary information beforehand. If you are ready to begin an application, you may do so here.

Please visit the Greater Nevada Credit Union GNCU PPP Loan Forgiveness Center for more guidance or resources about eligibility, use of proceeds, application procedures and documentation required to participate. You may also visit the SBA website for additional information.

No. The CARES Act and the funding new bill (Consolidated Appropriations Act, 2021) have allocated money to several different loan and grant programs outside of PPP. If you do not qualify for PPP, you have other options to access capital.

Yes, if you are eligible and can adhere to the terms of the loan. With the creation of the new bill, Congress has set aside allocations for community lenders and institutions that can help smaller businesses, businesses owned by people of color (POC), and those who operate in lower-income areas access capital.

The need for the SBA PPP program was well beyond the normal operating means of GNCU and GCL to service effectively. We authorized more than 5,900 PPP loans, and this unprecedented volume required us to dedicate employees from other divisions and parts of the organization to keep up with processing the applications. This was part of our commitment to fund as many loans in this program and help as many businesses as possible. That level of restructuring was not sustainable for the long term. We are committed to a good and timely response to all our borrowers. To ensure they have the best outcomes possible, we have moved loan servicing responsibilities to an organization with more capacity and resources, and the same quality of service.

Transfer notifications were sent out to businesses starting in mid-June to announce this transition. If your business did not receive a letter to alert you of a transfer, then your PPP loan servicer will continue to be GCL.

If you receive a suspicious email or text message, don’t respond, click on links, or open attachments. Please know that we won’t ask for confidential information—such as your card PIN, access code or online banking password—if we reach out to you. Learn more about avoiding scams by visiting this GNCU resource center.

FAQs After You Apply

  • Started Application - Application is started but not yet finished
  • Borrower Action Required - Your prompt attention is needed to make updates or supply more information to complete the application to the SBA
  • Submitted to Verifier - Greater Commercial Lending is verifying the information submitted is complete.
  • Verifier Reviewed – The application is ready to be underwritten by GCL
  • Underwriter Reviewed – The application has been underwritten and is going through a quality check
  • Submitted to SBA - The loan application has been sent to the SBA for review.
  • SBA Rejected - The SBA has denied your application for a PPP loan.
  • SBA Approved - SBA has approved the loan application and funding has been guaranteed for the borrower
  • Loan Note Sent for E-Sign - Documents Loan documents are ready for you to E-Sign in your application portal.
  • Signed Loan Note Received - Greater Commercial Lending has received your signed loan documents.
  • Funded - Your loan funds have been, or are in the process of being transmitted. Please allow up to 48 hours for the funds to appear in your account that you provided in your ACH documentation in the original application.

We have developed a visual representation of the steps in the application process that we are following at GNCU and GCL. You can view a downloadable and printer friendly version of the process by following this link.

The number the lender has assigned to your loan by the SBA in their systems. You can find this on the first few pages of your signed loan docs. If you cannot find it, your lender will be able to provide it for you.

A NAICS (pronounced NAKES) Code is a classification within the North American Industry Classification System. The NAICS System was developed for use by Federal Statistical Agencies for the collection, analysis and publication of statistical data related to the US Economy. NAICS is a Self-Assigned System; no one assigns you a NAICS Code. What this means is a company selects the code that best depicts their primary business activity and then uses it when asked for their code.

Go to the NAICS’s website here, and click on the “Find your NAICS Code” link at the top right of the screen. On the following page you can search for your business type in the “NAICS Search” window and select the most relevant options from the search results.

Before funds can be released, applicants must have their applications validated by a Greater Commercial Lending team member and SBA approval must be obtained prior to receiving loan documents. Upon receipt of properly executed documents, the applicant can expect funding in 72 hours. Please see the PPP Application Process & Expected Time Frames for a better view of how the applications are processed.

We have assembled several useful resources that can answer your questions about the PPP program including eligibility, documentation required, and the steps in the process. You can access that page here. Another resource to find the most current information is by visiting the Small Business Administration website where several FAQs are posted on a regular basis.

We are committed to a timely response to your questions but encourage you to utilize the self-service options and information in these FAQs. The actions required in the application process are handled entirely online via the application portal. The volume of inquiries will require us to answer your questions in the order they were received via the contact form at the bottom of this page.

If you are able to, please upload a voided or cancelled check with your bank routing number and account number directly into the portal.

If you are unable to upload a voided or cancelled check, there are two options available:
  1. Entering your bank routing and account number into a word document and uploading as a PDF file.
  2. Handwriting your bank routing and account number, taking a picture and uploading as a JPG file.
If you choose to upload a PDF or JPG file, please include the following:
  • Bank Name
  • Account Title
  • Bank Address
  • Routing Number
  • Account Number

The SBA has supplied the following guidance for nonprofit organizations. You must enter 20% ownership to successfully apply for the PPP loan. Please re-enter the Business Name and nonprofit Employee Identification Number (EIN) into the Ownership field, showing at least 20% ownership.

Yes, be sure to submit a copy of both sides of your state issued driver's license or identification card. We will be unable to process the application without a complete copy.