New guidance from the SBA has caused concern and confusion for small businesses that have already accepted and used portions of their PPP loans. Banks await changes to guidelines even as they begin processing forgiveness applications.

The Kicks for the Kids Shoe Drive was created for students who may not have shoes to wear to school. Sadly, there are children in our community who are embarrassed to go to school because their shoes are falling apart or their shoes no longer fit. This year because of concerns about COVID-19, we’re only collecting NEW shoes. Please help by donating shoes for a child in kindergarten through high school. We have collection boxes at WJXT Channel 4, Fields Auto Group Dealerships, Jacksonville area Tire Outlets; 121 Financial Credit Union Branches, 1st Place Sports, Meow and Barks Boutique, and Fragrant Body Oilz. Addresses for our drop off locations are below. Please wear a face mask and practice social distancing. Kicks for the Kids Shoe Drive ends on Thursday, July 30th. Details about the giveaway event will be announced soon.

Joining us to talk about what small business owners need to know and do to prepare for hurricane season is David Marovich, CEO of 121 Financial Credit Union.

Relationships forged during the pandemic may help financial institutions in the future.

As everyone hopes for the best as businesses gradually reopen under the clouds of COVID-19, credit union executives who participated in a recent CU Times webinar said they are remaining cautiously optimistic about adapting to a new normal.

"Right now there is perhaps nothing more important to many business owners than understanding the federal PPP, or Paycheck Protection Program. Rules are being updated constantly and things can be more than a little confusing. David Marovich, CEO of 121 Financial Credit Union, joined us for a closer look."

Paycheck Protection Program loan funding became a much smoother process in the second round than the first, said 121 Financial Credit Union CEO David Marovich. Despite the opening day of lending April 27, when the SBA loan inputting system was overwhelmed, the credit union is funding loans much easier than it did at the outset of the program. As of May 6, Marovich said 121 Financial funded 428 loans, totaling $26.4 million. Application volume in the second round was slightly lower than the first, with 162 loans funded, while 266 were funded in the first round.

The Clay County Chamber brought 121 Financial Credit Union and Challenge Enterprises together to custom-make face masks for health care workers in Clay County. The masks are made of recycled polypropylene fabric, equivalent to a level-3 clinical grade face mask. The material is used to wrap surgical equipment after it is cleaned and stored for its next use. Orange Park Medical Center’s parent company, HCA Healthcare, donated nearly 1,000 sterilization wraps that will be turned into face masks.

Without the changes to the application process and with more guidance from the SBA, funding is likely to dry up much faster.

121 Financial Credit Union rolled out its loans through the Small Business Administration’s Paycheck Protection Program on Friday. By Tuesday, the credit union had to put it offering on hold after receiving more than 400 applications and nearing its $30 million limit. With major lenders like Wells Fargo tapped out and small businesses scrambling to apply for the loans wherever they can, local institutions and their own lending abilities have become increasingly important in stabilizing the economy and keeping small businesses afloat.

Credit unions and a local nonprofit are tag-teaming to make masks for caregivers who are most at risk of catching the coronavirus. Ascension St. Vincent’s is providing the material to Rethreaded to sew and manufacture the masks for the health system, while VyStar Credit Union, Community First Credit Union, 121 Financial Credit Union and Jax Federal Credit Union agreed to cover labor costs. Ascension St. Vincent’s has several care centers and hospitals spread throughout Jacksonville and Clay County and has been in the forefront of facing COVID-19.

The Jacksonville City Council unanimously voted 19-0 to rename the Jacksonville Jumbo Shrimp’s home 121 Financial Ballpark Tuesday. Here is the a statement from the Jumbo Shrimp: “Thank you also to 121 Financial Credit Union whose investment benefits all of Crustacean Nation by solidifying our commitment to Jacksonville & affordable family fun for many years!!”