SBA PPP Forgiveness - Updated 3/1/2021
If you applied for and received a SBA Paycheck Protection Program (PPP) loan through Horicon Bank, you may be eligible for forgiveness. If so, you will need to apply for loan forgiveness through Horicon Bank. SBA has released updated forgiveness applications; you can find the latest versions on this page, below.
There are three forgiveness forms to choose from (Form 3508S, Form 3508EZ, or Form 3508):
Form 3508S is an option for any borrower whose PPP loan was $150,000 or less, assuming you can make certain certifications. If your PPP loan was for greater than $150,000, you cannot use form 3508S.
Please note: that while you are not required to send the supporting documentation to the bank to substantiate your forgiveness request, you must retain all employment records/payroll documentation in your files for four years and all other documentation for three years after the date the loan forgiveness application is submitted to the lender, and permit authorized representatives of SBA, including representatives of its Office of Inspector General, to access such files upon request.
Form 3508EZ is for loans greater than $150,000 and is allowed when the borrower can check one of the following boxes (further details and definitions can be found in the application instructions):
- The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period AND the Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period.
- The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period AND the Borrower was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020.
Form 3508 must be used if your PPP loan was for greater than $150,000 and you cannot check one of the boxes on the 3508EZ checklist.
Once you’ve selected the appropriate version of the forgiveness application please take some time to review the instructions in detail and compile the appropriate documentation. Upon completion, please submit your application (and required supporting documentation if using 3508 or 3508 EZ) to your Horicon Bank loan officer. Please use our secure file transfer service at www.horiconbank.com/secure-file-transfer.html. Select “Access Horicon Bank Leapfile.net” then click “Continue” and then “Secure Upload.” Enter your officer’s e-mail address as recipient, enter your information and upload the files.