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COVID-19 Loan Relief Program

As a community bank, Horicon Bank has 124 years of history caring for our customers and communities - especially in times of need. We are committed to supporting you and your business through the uncertainties of the COVID-19 crisis. 

Our COVID-19 Relief Program is designed to alleviate some of the financial hardships you may face as a result of illness or workplace changes.

Relief for Business Owners:

  • Business Loan Payment Deferral Program – If your business is facing a financial hardship due to COVID-19, Horicon Bank will make available payment deferral plans up to 90 days. For assistance or questions, contact your Horicon Bank lender or call our Customer Support Center at 888.343.3040.
  • Business Credit Card Payment Relief – We will provide temporary payment relief assistance, with a “skip a payment” feature. Customers will be able to skip up to two minimum payments; finance charges will continue to accrue. For more information about payment relief, please call 888.343.3040.
  • SBA Loan Programs – The U.S. Small Business Administration (SBA) is offering loan/interest federal disaster loans to assist businesses affected by COVID-19.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act

The CARES Act allocated funding to help small businesses during the COVID-19 crisis and resulting economic hardship. The Paycheck Protection Program (PPP) is a loan from the Small Business Administration that helps businesses keep their workforce employed during the crisis.  Horicon Bank is no longer accepting new applications at this time. 


Paycheck Protection Program - Loan Forgiveness

If you received funding through SBA’s Paycheck Protection Program (PPP) with Horicon Bank, you will need to submit your application for forgiveness and supporting documentation to Horicon Bank as well.

Currently, there are three forgiveness application forms available, form 3508, 3508S and form 3508EZ.  These forms and their corresponding instructions can be found below. The instructions for each application will help you to determine the appropriate version for you to use and will also provide a list of supporting documentation that needs to be submitted along with a completed application. 

Form 3508S is for PPP loans of $50,000 and under.  If your PPP loan was greater than $50,000 you will need to choose form 3508 or form 3508EZ.

Form 3508EZ may be appropriate for you if:

  • You did not reduce employee salaries/wages by more than 25%, AND did not reduce the number of hours of your employees; OR
  • Your business experienced a reduction in business activity as a result of health directives related to COVID-19 AND did not reduce the salaries/wages of your employees by more than 25%

If you cannot use form 3508S or form 3508EZ, you will need to use form 3508 (the full application).

Please note, you have up to 10 months to apply for loan forgiveness from the end of your covered period.  For example, if your PPP loan was funded on April 13, 2020, your original 8-week covered period would have ended on 6/7/2020, which means that you would have to have your forgiveness application submitted by 04/06/2021.  Further, if you chose the 24-week covered period, the end date would be 9/27/2020, which means your forgiveness application would need to be submitted by 7/26/2021. 

Please take some time to familiarize yourself with the applications and instructions below, and begin to gather the appropriate supporting documentation.   As you are reviewing and preparing, please note the following:

  • Please contact your loan officer directly if you need help accessing your SBA Loan Number, your Horicon Bank loan number, and your disbursement date.
  • It is important to ensure you are using the correct PPP disbursement date.  This date should reflect the date PPP Loan proceeds were funded.   
  • While it is acceptable to apply for Forgiveness before the end of the 24-week covered period, your covered period entry must still reflect the full 8 or 24-week period, even if all the funds were used in a period less than 24 weeks.  The covered period does not end on the date you spent all the PPP proceeds. 
  • Borrowers should input the amount of any EIDL Advance (which will not be more than $10,000) received into the appropriate field, but should not deduct the EIDL Advance from their calculated forgiveness amount.  Please be careful to enter only the EIDL Advance amount, not the EIDL Loan amount.   

Finally, please let your loan officer know immediately of any potential changes of ownership for your business. The SBA must approve any changes of ownership or sale your business change prior to any action being taken.

Horicon Bank will continue to monitor ongoing SBA guidance as well as potential legislative changes that may impact this process.  We appreciate your continued patience as the rules and process continue to evolve and thank you for banking with Horicon Bank.

Updated 11/30/2020

Instructions with list of supporting documentation required:

Form 3508EZ Instructions

Form 3508EZ Application

Instructions with list of supporting documentation required:

Form 3508 Instructions

Form 3508 Application

Instructions with list of supporting documentation required:

FORM 3508S Instructions


Other SBA Disaster Loan Assistance Available


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