Business Community Relief Programs
Paycheck Protection Program (PPP) Loan Forgiveness
Thank you for choosing VyStar Credit Union to obtain a loan through the SBA’s Paycheck Protection Program (PPP). We hope these funds have been a valuable resource to your business and employees.
Soon we will begin accepting applications for PPP loan forgiveness through our online portal. Each borrower will receive an email prompting them to apply. Forgiveness applications will only be processed through our online portal; paper applications will not be accepted.
Please gather the following documents, which you will need for your forgiveness application:
- Documentation verifying the eligible cash compensation and non-cash benefit payments. This may include reports from your professional employer organization (PEO) and quarterly payroll tax filings.
- Payment receipts, canceled checks or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans.
- Documentation verifying your company’s average full-time equivalent headcount for the current period and the comparison period.
- Documentation verifying payment of other covered expenses, including mortgage interest paid, lease/rent expenses paid and utility expenses paid during the covered period.
Please note: VyStar is no longer accepting new PPP applications. Additional information about the program can be found at SBA.gov.
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.