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PPP

Paycheck Protection Program

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:

Eligibility Requirements:

  • First Draw:
    • Employ not more than 500 employees
    • Have not received a PPP loan
    • Business in operation on February 15, 2020
    • Currently operating
  • Second Draw:
    • Demonstrate at least a 25% reduction in gross receipts in a quarter in 2020 relative to the same quarter in 2019
    • Employ not more than 300 employees
    • Have used or will use the full amount of their first PPP loan
    • Currently operating

Loan Terms:

  • First Draw:
    • Interest Rate: 1%
    • Maturity: 5 years
    • Loan Maximum: $10 million
    • Loan amount based on 2.5 times average monthly payroll
  • Second Draw:
    • Interest Rate: 1%
    • Maturity: 5 years
    • Loan Maximum: $2 million
    • Loan amount based on 2.5 times average monthly payroll
      • 3.5 times for Entities that fall under the North American Industry Classification System (NAICS) code 72 for Accommodation and Food Services Industry

Documentation Required:

  • First Draw:
    • Payroll documentation
      • 2019 Annual;
      • 2020 Annual; or
      • Prior 12-months
    • A few examples of acceptable payroll documentation are Form 941 filings, Form 1040 Schedule C, Payroll Processor Reports, etc.
  • Second Draw:
    • Payroll documentation not required if previously used 2019 annual payroll for First Draw PPP loan and you are applying through same lender
    • Payroll documentation
      • 2019 Annual;
      • 2020 Annual; or
      • Prior 12-months
    • Revenue reduction documentation can be tax documents, quarterly financial statements, or bank statements

Updated First Draw Forms:

Form 2483 – First Draw Borrower Application

Second Draw Forms:

Form 2483-SD – Second Draw Borrower Application

PPP Loan Forgiveness Forms:

Form 3508 – Paycheck Protection Program Loan Forgiveness Application

Form 3508EZ – Paycheck Protection Program EZ Loan Forgiveness Application

Form 3508S – PPP Loan Forgiveness Form 3508S

Borrowers may now include the below expense categories when applying for forgiveness:
  • Specific operations expenses;
  • Property damages related to public unrest during 2020;
  • Supplier costs; and
  • Personal protective equipment.
Please continue to check for updates, new FAQs, and additional resources as they become available.
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Quicken or QuickBooks

Please click here for more information on Quicken Web Connect for Windows.

Please click here for more information on Quicken Express Web Connect for Windows.

Please click here for more information on QuickBooks for Windows.

For more information on Mac, Mint and Quickbooks Online, please email digitalsupport@fmbanking.com for assistance.

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How do I have my paycheck deposited directly into my account?

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.

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How do I have my social security deposits transferred to my 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)

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How do I have my automatic payments (or utility payments) transferred to my FM Bank account?

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.

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How do I close my former checking account?

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

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What is my FM Bank Routing Number?

065201530

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