Business Community Relief Programs
Paycheck Protection Program (PPP)
Additional funding for the SBA’s PPP is still available.
We are now accepting PPP applications from small business owners located within our field of membership who are not currently VyStar members. Those who are interested will be asked to visit a local VyStar branch drive-thru to establish business membership. Once a small business owner is verified and the account is opened, the PPP application process can be completed as soon as the following business day.
While some other financial institutions have stopped accepting PPP applications, VyStar continues to steadily process applications from current members, and we are prepared to assist additional small business owners located within our field of membership.
If you have not yet applied, we encourage you to do so now as PPP funding could soon be exhausted and applications will be processed in the order they are received.
As the federal government and SBA continue to update the program, please refer to SBA.gov for up-to-date rules and requirements.
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Have the following documents are available for upload before starting your application:
- Driver’s license for all business owners
- Most recently filed tax returns (2018 or 2019)
- Payroll records (from January 1, 2019, to present)
- Proof of business activity in 2020
- Requested IRS forms (based on business type)
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Please note: If you have already completed a PPP application, please know VyStar will submit it to the SBA in the order it was received as soon as they resume accepting applications.
Important Disclaimer: Submission of your application does not guarantee an approval from the SBA. Businesses across the country are applying for a limited amount of available funds. Funds may be depleted before all applications are successfully submitted and approved by the SBA.
- Your VyStar business member number is required to verify membership. If you have not yet established VyStar business membership, you can provide a personal member number.
- SBA-required documentation may include:
- Driver’s licenses of all business owners
- Most recently filed tax returns (2018 or 2019)
- Business’s NAICS code
- Payroll records (from January 1, 2019, to present)
- Proof of business activity in 2020
- Requested IRS forms (based on business type)
- At this time, we are only accepting applications from VyStar members.
- Small businesses with fewer than 500 employees whose principal place of residence is in the United States.
- Restaurants and hospitality businesses with fewer than 500 employees per location with a NAICS code beginning with 72.
Up to 2.5 times your 2019 average monthly payroll costs, including salaries, wages, commissions, insurance premiums, and other benefits.
Permitted use of funds includes payroll expenses, including salaries, wages, commissions, insurance premiums, and other benefits, which must account for at least 75% of the total funds; and interest on mortgage, rent, and approved utilities, which may account for up to 25% of the total funds.
Once you receive your PPP funds, you have eight (8) weeks to spend on approved expenses.
You must retain total full-time equivalent (FTE) count by June 30, 2020.
Your PPP loan payments are deferred for 6 months. In the event your loan is fully forgiven and paid in full within that time, you will not be responsible for loan payments. After 6 months, if the loan is not forgiven, repayment terms are set at 1.0% for 18 months.
At closing, funds will be deposited directly into your VyStar business account.
- If you’re an existing member but do not yet have a VyStar business account, you can still apply for the SBA’s PPP loan.
- After you submit your PPP application, you will need to visit a local VyStar branch drive-thru to establish VyStar business membership.
- Your loan will be funded within 48 business hours, once additional PPP funding is approved, and once active business membership has been established and we receive all required documents with electronic signatures.
- Applications will be processed in the order they are received.
- If you have already been approved for an SBA PPP loan through another financial institution, you should not apply again through VyStar.
- You can apply through our secure online portal by clicking the “Apply Now” button above.
- Applications will be processed in the order they are received.
- After you submit your PPP application, you will need to visit a local VyStar branch drive-thru to establish VyStar business membership.
- Once your account is open, you will receive electronic documents requiring your electronic signature.
- Your loan will be funded within 48 business hours, once additional PPP funding is approved, active business membership has been established and we receive all required documents with electronic signatures.
- If you have already been approved for an SBA PPP loan through another financial institution, you should not apply again through VyStar.
City of Jacksonville Program
The City of Jacksonville and VyStar Credit Union are collaborating on a loan program to assist local small businesses affected by the COVID-19 response. The City’s contribution to the Small Business Lending Program is expected to be between $20 and $30 million, which will be used to provide a combination of grants, interest payments and potential aid toward the principal of the loan, with some elements tied to employee retention.
Jacksonville businesses affected by COVID-19 can apply for the City of Jacksonville COVID-19 Community Relief Loan by emailing their completed application and supporting documents to JaxReliefLoan@vystarcu.org.
If you have questions related to program requirements and maintaining your grant with the City of Jacksonville, please contact reliefgrant@coj.net.
- No minimum loan amount; maximum loan amount of $100,000
- Fixed interest rate of 5.99% APR*
- $250 underwriting fee waived for small businesses for each loan (credited by VyStar for loans under $5,000 and paid for by City of Jacksonville for loans above $5,000)
- Quick loan approval and funding (3-5 days)
- Six (6) month draw period allows businesses to use only what they need as they need it – they do not need to advance (or pay interest on) the entire amount approved at once; rather, they may advance and repay funds over the six (6) month draw period to cover expenses as they arise
- Interest-only payments for the first year ensure repayment costs remain low as the small business works through the pandemic response and rebuilding periods. Principal and interest (P&I) payments begin in year two at an amount sufficient to repay the loan in 60 months
- Business must have a physical location within Duval County where employees work
- Business must have at least one (1) year in operations (three (3) year requirement waived) and provide most recent year’s filed tax returns for business and all owners
- Business must have between 2 and 100 employees in addition to business owners
- While personal guarantee is required from all business owners, minimum personal credit score of 720 is waived for this program
- Must not be a business type excluded by the State of Florida’s Small Business Emergency Bridge Loan Program or by VyStar’s standard lending criteria
- Nonprofits are eligible to participate
- City will grant $1,000 to each business awarded a loan for a maximum city indebtedness of $3 million (these grants will be provided to up to the first 3,000 loan recipients)
- City will provide a grant to pay interest costs in Year 1 for all businesses
- City will provide a grant to pay interest costs in Years 2-6 if the business maintains employment of at least 50% of its pre-COVID-19 workforce (using Feb. 29, 2020 as base employment date)
- City will pay 10% of the outstanding principal amount annually, if the business employs at least 100% of its pre-COVID-19 workforce (using Feb. 29, 2020 as base employment date) capped at a maximum of a cumulative of 50% of the original loan amount
- To receive the grant payments, each business must submit sufficient documentation of employment on a form prescribed by the City
- City will cover VyStar’s $250 underwriting fee per loan on all loans $5,000 or greater to underwrite and administer the loans
| 1. Download and complete the loan application. Download the Application here |
2. Gather the completed application and required financial documentation listed below. Email to JaxReliefLoan@vystarcu.org
- Please make sure the application is completely filled out and properly signed. Signatures are required on behalf of the business applicant and all business owners must sign as guarantors.
- Business must provide most recent year’s filed tax returns for business and all owners.
- If 2019 tax returns have been filed, the 2019 tax return should be provided.
- If the 2019 tax return has not been filed, the 2018 tax return should be provided along with the 2019 year-end profit and loss statement and balance sheet.
- If no tax returns have been filed, 2019 year-end profit and loss statement and balance sheet should be provided.
- Most recent filed personal tax return for all owners.
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| 3. A VyStar representative will acknowledge receipt of your completed application and start processing your request. |
| 4. Within three business days, you will receive a decision on your application. |
| 5. If your application is approved, VyStar will send you closing documents via email through DocuSign within one business day of approval. |
| 6. After the loan documents are signed, your loan will be booked and your first advance will be available in your VyStar business deposit account. Funds will be available within one business day from the date the loan documents are completed. |
| 7. Additional advances can be requested through the Contact Center or a VyStar branch. Advances will only be deposited into the business’s deposit account. |
Each month, you will receive a billing statement from VyStar Credit Union for your loan. These statements are provided solely for informational purposes. In accordance with the terms of the program, the first year of interest-only payments will be paid on your behalf by the City of Jacksonville. This means no action or payment is required from you at this time.
Commercial Loan Deferment
VyStar is providing up to a 90-day forbearance on all eligible commercial mortgages.
Auto and equipment loans are eligible for up to 60 days deferral of payments. Commercial mortgage loan forbearance is essentially the same as a loan deferment, meaning members can skip pre-determined monthly payments for additional financial flexibility. This allows a business member to free up cash flow to meet the needs of their businesses.
Members will be asked to complete documentation as part of our mortgage forbearance assistance. If interested, please contact your Business Banker or email businessportfolio@vystarcu.org for more information and to get started.
VyStar is focused on assisting our business members as best as possible while they deal with the effects of the coronavirus (COVID-19).
We recognize this is a challenging time for many, and we are available to discuss options that are tailored to meet the individual needs of each business. We offer several options that can help improve cash flow by delaying loan payments, allowing businesses to utilize their funds to meet their needs. Whether it’s through a business auto/equipment loan, commercial mortgage or business line of credit, we can help.
For additional information, please contact your nearest VyStar branch, Business Relationship Banker or email us directly at businessportfolio@vystarcu.org.
*APR=Annual Percentage Rate and is current as of April 1, 2020. All loans and accounts are subject to approval. Terms and conditions subject to change at any time without notice.