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On Wednesday, January 6, the SBA released two new rules, Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act and Interim Final Rule on Second Draw Loans, that provide further clarity on both first and second draw PPP loans.
The SBA has announced the opening of the portal to accept PPP Second Draw Loan Applications from Community Banks. FM Bank, as a community bank, will begin accepting PPP Second Draw Applications on Wednesday, January, 13, 2021. Please see below for key information relating to this new guidance.
If you received a PPP loan through FM Bank and meet the qualifications to apply for the Second Draw PPP loan: Please contact your banker to obtain the application upload link. You will use the link to upload your PPP Second Draw Application – including all required/supporting documentation.
If you obtained a PPP Loan from another lender: We strongly encourage you to consider returning to that lender for a Second Draw request; in order to streamline your application and avoid processing delays.
For an efficient application and bank review process, we ask that you become familiar with the latest regulatory guidance and documentation requirements. The details below provide key highlights from the new guidelines as it relates to applying for a PPP loan:
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Contact your employer and let them know you have opened a new account. Provide them with the FM Bank Routing Number: 065201530, and your new Checking or Savings Account Number. Or provide them a voided check from your new FM Bank Account.
Call the Social Security Administration at 1-800-772-1213 or visit their website at www.ssa.gov/deposit/howtosign.htm (If you need assistance, stop by one of our locations, our bankers are happy to lend a hand)
Contact your provider and let them know you have a new bank account. Often, they will provide you a form to complete. If you need any assistance, please call us at (337) 332-4132 or stop by one of branches and visit with a banker.
Fill out a close account form and send it to your former financial institution.
If you have any questions about switching your accounts, call 337-332-4132 or visit any FM Bank branch