All VyStar offices will be closed on January 18th.
A COVID-19 relief bill that included $284 billion in PPP funding was signed into law Dec. 27, and VyStar is ready to help small businesses in our community get much-needed financial assistance.
We have received approval to begin submitting applications on behalf of our members on Tuesday, Jan. 19, for the latest round of PPP funding as the SBA opens its application system to all financial institutions.
Beginning Tuesday, we will submit applications to the SBA in the order they were received. At that time, members who have applied for funding can monitor the status of their loan by visiting ppp.vystarcu.org and clicking the “Check Application Status” link at the bottom of the page.
The SBA opened its system on Jan. 11. However, initial submissions were limited to small financial institutions, of which VyStar was not included. While the SBA prepared its system for all lenders, VyStar began accepting and internally processing applications to ensure our members are better position on Tuesday.
If you have additional questions, please see our Frequently Asked Questions section below or refer to SBA.gov.
The PPP Loan application is not currently supported on mobile devices or using Firefox. Please complete the application using a desktop or laptop with Safari, Chrome, Edge or Internet Explorer.
The SBA will begin accepting applications from all financial institutions on Tuesday, Jan. 19, at which point VyStar will submit applications from members in the order they were received. The SBA opened its system for this round of funding on Jan. 11, but initial submissions were limited to small financial institutions, of which VyStar was not included.
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 firstname.lastname@example.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 email@example.com.
*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.