Paycheck Protection Program (PPP) Loans: Please visit F&M Bank’s PPP Knowledge Center for up-to-date information about First Draw PPP loans, Second Draw PPP loans, and loan forgiveness.
Updated March 8, 2021
- Farmers & Merchants Bank has distributed forgiveness application links to all clients who received a PPP loan from the Bank in 2020. If you have not received your forgiveness application link, please contact your local Branch Office.
- If your PPP loan is $150,000 or less, you are eligible to utilize the simplified forgiveness application (SBA Form 3508S), which requires fewer calculations and less documentation. Simplified forgiveness applications will have a streamlined review process for submission to the SBA.
- The Consolidated Appropriations Act signed into law on December 27, 2020 made several changes to the Paycheck Protection Program (PPP) forgiveness process including expanding eligible cost categories, repealing the EIDL advance deductions, and simplifying the process for loans of $150,000 or less. Review our FAQs below for more in-depth information on each category.
- Please also visit the PPP Library for copies of webinars, presentation decks, and client communications.
PPP Loan Forgiveness Top Questions
What are the new eligible cost categories in the latest loan forgiveness requirements?
What does the simplified Forgiveness Application for PPP loans under $150,000 entail?
What does the repeal of EIDL advance deduction mean for my PPP loan?
When can businesses apply for loan forgiveness?
How will businesses apply for forgiveness with F&M Bank?
Are applications for forgiveness from 501(c)(3) non-profit organizations handled differently than other applications for forgiveness?
If a borrower made a mistake on the PPP Loan Application, can this be fixed on the Loan Forgiveness Application since the numbers may be in misalignment when compared to the original Loan Application?
Can employers use 100% of the loan for payroll?
Can businesses use unforgiven loan amounts for expenditures as they please? (And just accept the excess funds as a loan)
Forgiveness Application Videos
Accessing the Application and Getting Started
Finishing the Application and Other Expenses
Schedule A Overview
Schedule A Manual Input
Schedule A Getting Started and Salary Wage Reduction Step 1
Schedule A Salary Wage Reduction Step 2
Schedule A Salary Hourly Wage Reduction Step 3
Uploading the Spreadshee and Finishing Schedule A
FTE Reduction Calculation
FTE Safe Harbor Calculation
- Subject to terms, conditions, and credit approval. Submitting an application is neither a commitment nor an offer to lend by the Bank at this time, and is subject to the availability of PPP funds.
- As a Borrower under the Paycheck Protection Program, it is your sole legal responsibility to comply with all laws and regulations applicable to Borrowers under the Small Business Administration Paycheck Protection Program (SBA PPP).
- Farmers & Merchants Bank urges SBA PPP Borrowers to closely review the latest SBA PPP law, regulations and guidelines (Guidelines). The Guidelines can be found on the Small Business Administration and the Department of Treasury websites: www.SBA.gov and www.Treasury.gov. Farmers & Merchants Bank cautions you that the Guidelines are evolving. The Small Business Administration periodically updates the Guidelines. Some updates modify prior Guidelines, other updates provide further clarification.
- Farmers & Merchants Bank does not provide legal, tax, or accounting advice. Individual facts and circumstances vary from Borrower to Borrower which will impact any answers regarding any interpretation of questions. You should consult with your legal, tax, and accounting advisors to obtain advice regarding your specific situation. Our education materials and communications should be considered in connection with, and are not intended to replace or serve as a substitute for, your close review of the Guidelines, and legal, tax or accounting advice you are urged to obtain from your tax, accounting and legal advisors.
- Our communications are summaries or excerpts of the Guidelines, and may contain our opinions or interpretations of the Guidelines. There may be interpretations that are valid that differ from our interpretations and opinions. You are cautioned against placing undue reliance on our views and our educational materials.