Since SBA’s PPP Loan Program was launched on April 1st, the lending community has received a demand surge that is unlike anything we have ever seen. Like many, we have been somewhat overwhelmed, yet honored by your requests. Our team at Farmers & Merchants Bank has been working diligently to help our communities’ small businesses persevere through this crisis. Helping America’s small businesses survive has been and will remain our mission.
We are proud to say that before the first round of funding ran out, Farmers & Merchants Bank was able to approve every single completed application received securing over $6.8 million to put in the hands of 82 small businesses!
How to Apply
If your business is seeking a PPP loan you can get your application ready to be submitted when the next round of fundings gets approved. Please apply online by filling out and submitting all the following information:
Submit all documentation in one submission below
Upload and Submit Documentation Here
Create a profile to upload the documents. Once all documents have been attached, you click “upload” and once they have successfully been uploaded you will see the word “uploaded” in green. You are done!
Since we have a limited amount of staff and an extraordinary volume of requests, complete applications are imperative. Incomplete submissions will result in a delay of submission to the SBA for approval. A loan officer will reach out to you once your submission has been processed. We cannot estimate a timeframe at this time when you will be contacted.
*PLEASE NOTE: While the program maximum is higher, Farmers & Merchants Bank can process applications up to $250,000
- Loan amount based on the average of the last 12 months of payroll expense times 2.5
- Loan proceeds are only to be used for payroll expense, mortgage payments, rent and utilities for the 8-week period once the loan has been disbursed
- Eligible for loan forgiveness
- Loan payment deferred for 6 months
- Unsecured and no personal guarantee
- 1% interest rate on unforgiven balance, if applicable
- 2-year term
If your business received an SBA PPP Loan that Farmers & Merchants Bank processed, you will need to submit the forgiveness request to us. You are eligible to submit for forgiveness 8-weeks from your loan date.
Step 1: Fill out the SBA PPP Loan Forgiveness Application
Step 2: Collect all supporting documentation stated in the application
Step 3: Submit application packet to Farmers & Merchants Bank in one of the following ways:
- In person at one of our branches
- Emailed to the original lender who worked on your PPP loan
We would like to provide further guidance on the application document:
- SBA PPP Loan Number: Please leave this blank, Farmers & Merchants Bank will fill this in for you
- Lender PPP Loan Number: Please leave this blank, Farmers & Merchants Bank will fill this in for you
- PPP Loan Disbursement Date: This is the date listed on the top of the loan documents you signed with us. This is also the date that starts your 8-week covered period to calculate your forgiveness date. (example: April 10, 2020 loan date + 8-weeks (56 days) = June 5, 2020 forgiveness date)
- EIDL Advance Amount: Enter only the advance amount (up to $10,000) you received, if applicable. This is not the full EIDL amount you received.
- EIDL Application Number: We are not able to look this number up. You must fill this in if you received an EIDL advance.
- If you are including covered mortgage obligations, it is for the interest portion only. Do not include your full payment amount.
If you have questions about your forgiveness application, please feel free to reach out to the lender who originally worked on your request. Your lender will contact you once your forgiveness has been approved.
Thank you for the sacrifice your business has made during this unprecedented time and for trusting in Farmers & Merchants Bank to help you through this process.
How to Apply:
Applicants will be able to apply online at https://disasterloan.sba.gov/ela OR Call SBA's Customer Service Center at (800) 659-2955 OR email firstname.lastname@example.org for more information on SBA disaster assistance.
Individuals who are deaf or hard of hearing may call (800) 877-8339.
Completed applications should be mailed:
U.S. Small Business Administration,
Processing and Disbursement Center,
14925 Kingsport Road, Fort Worth, TX 76155.
SBA Customer Service Representatives will be available to answer questions about SBA's Economic Injury Disaster Loan program and explain the application process.