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How to determine if I need to update my B550 mobo BIOS?

I am in the process of building a computer (parts here: pcpartpicker) and I am aware there is an issue with B550 motherboards not supporting AMD 5000 series CPUs out of the box. I have also heard that some motherboards have the correct BIOS version already, while others may need a separate CPU to update the BIOS to the correct version.

Question one is: my system is not POSTing, can I determine if a BIOS version is required vs. other build issues (badly seated wires, dead components, etc.)?

And two is: can my current computer’s AMD processor (an AMD Phenom II X4 965) stand-in to perform the update on my new computer, or am I better off asking for a loaner from AMD (details here)?