PPP Forgiveness Knowledge Center

To deliver on F&M Bank's commitment to providing exceptional client support during the Paycheck Protection Program (PPP) loan process, F&M Bank has created this communication program to guide you through the forgiveness phase. We will engage in frequent communication via a series of emails, webinars, and FAQs designed to educate you about the requirements for requesting forgiveness. Please bookmark this page and consult it often for updates as SBA guidance is evolving.

Webinar Dates

Topic Webinar Content presented by Crowe LLP Date Sign up
"Overview of PPP Loan Forgiveness"
  • How will the amount of forgiveness be calculated?
  • What is the maximum amount of forgiveness I can receive?
  • What expenses are covered by the forgiveness amount?
  • How do changes in my number of employees affect loan forgiveness?
6/17/2020 Replay of Webinar

Download a PDF version
"Update on PPP Loan Requirements and Forgiveness Process"
  • Newly released SBA application and guidance
  • How to determine the forgiveness amount based on current guidance
  • A variety of hypothetical examples of forgiveness determination
6/24/2020 Replay of Webinar

Download a PDF version 
"Overview of PPP Loan Forgiveness for Faith-Based Entities"
  • Demonstrating how the forgiveness will be calculated
  • Hypothetical Examples of loan forgiveness
  • Identifying what documentation is required to apply for forgiveness
  • Answers to commonly asked questions for Religious Organizations
7/1/2020 Replay of Webinar

Download a PDF version
"Determining and Documenting the Loan Forgiveness Amount"
  • Additional information on forgiveness requirements
  • Calculation examples
  • Learn more about specific situations that could affect your forgiveness eligibility
  • Detailed list of forgiveness documentation and the information necessary to maintain detailed recordkeeping
"Submission and Approval of a Forgiveness Request"
  • Specific steps to submitting a forgiveness request
  • Learn about the detailed process once a request is submitted and the approximate time frame for forgiveness determination
  • Review examples of forms

Webinar Help

  1. I can’t see the presentation OR the audio isn’t working.
    All attendees of the webinar will be placed on mute, therefore the microphone functionality should not work. However, you should be able to hear the presenter and see the presentation. Please review Gotowebinar's troubleshooting guide. Please note, that you can only use computer audio and cannot dial in from your phone for audio.
  2. I am signed up for the webinar, but can’t join the session.
    Please review GoToWebinar’s guide on troubleshooting. If you still can’t access the presentation, please send an email to social@fmb.com and we will send you a recording of the presentation. A copy of the presentation will also be available 24 hours after the presentation has concluded.
  3. I’ve never been on a webinar before, how do I know my computer will be able to play the presentation?
    You can check your computer and operating system’s functionality in advance by using GoToWebinar’s Attendee System Check for Webcast Webinars.
  4. The functionality seems different from other webinars I’ve been on via GoToWebinar.
    To ensure we could offer the presentation to as many participants as possible, we are running the webinar as a webcast. With a webcast, you can join the webinar session through the browser-based Instant Join app (no download required) or the mobile app.
  5. I am not receiving any of the email reminders for the webinar.
    Please check your spam or junk folder to ensure the reminder email was not marked as spam.
  6. I am having trouble signing up for the webinar.
    Please review GoToWebinar’s step-by-step instructions on how to sign-up for the session.
  7. How do I get slides from the presentation?
    We will be sending a replay of the presentation to attendees 24 hours after the presentation.
  8. I am having trouble with the webinar/webcast functionality.
    Please review the general GoToWebinar troubleshooting FAQs. This helpful guide will help with many common GoToWebinar challenges.
  9. I asked a question during the webinar and it wasn’t answered, what now?
    Due to the large amount of questions oftentimes received during webinars, we may not be able to get to all questions during the presentation. Please know that we compile all questions received and will add answers to the FAQs section of FMB.com. We will send an email communication to attendees to inform them when new FAQs are added.
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PPP Top Questions

  1. When can businesses apply for loan forgiveness?
    A borrower may submit a loan forgiveness application any time on or before the maturity date of the loan – including before the end of the covered period – if the borrower has used all of the loan proceeds for which the borrower is requesting forgiveness.
  2. How will businesses apply for forgiveness with F&M Bank?
    Once the SBA has provided guidance on the process and an updated forgiveness application, the Bank will provide each client with a link to complete their forgiveness application and upload supporting documentation.
  3. Are applications for forgiveness from 501(c)(3) non-profit organizations handled differently than other applications for forgiveness?
    No. Nonprofit organizations are required to submit the same application for forgiveness and supporting documentation as other business entities.
  4. If a business received EIDL, will this affect the PPP Loan Forgiveness?
    The receipt of an EIDL does not impact forgiveness, however any "Emergency Advance" received will be deducted from the loan forgiveness calculation because the EIDL Emergency Advance itself does not require repayment.
  5. 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?
    The amounts used for calculating the Loan Forgiveness Amount do not directly depend on what information was used for the original PPP Loan Application.  Corrections to the PPP Loan Application would not impact the eligible amount of Loan Forgiveness, unless it is determined that the Borrower was not eligible for the PPP loan in the first place.  Loans which were not eligible as a PPP loan will not be forgiven.
  6. Can employers use 100% of the loan for payroll?
    Yes. Current guidance only requires at least 60% of PPP Loan proceeds to be used towards qualifying payroll costs. Borrowers may spend more than 60% of loan proceeds on payroll costs if they choose. However, if less than 60% of the loan proceeds are used on payroll costs, the amount of loan forgiveness will be reduced.
  7. Can businesses use unforgiven loan amounts for expenditures as they please? (And just accept the excess funds as a loan)
    No. If you use PPP funds for unauthorized purposes, SBA will direct you to repay those amounts. If you knowingly use the funds for unauthorized purposes, you will be subject to additional liability such as charges for fraud. If one of your shareholders, members, or partners uses PPP funds for unauthorized purposes, SBA will have recourse against the shareholder, member, or partner for the unauthorized use.
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  • 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.