Personal Small Business Corporate & Institutional About Us
The Small Business Administration has registered more than 74,000 Paycheck Protection Program loans submitted by PNC, totaling over $14 billion, for our small business customers with a collective estimate of more than one million employees.
We are currently not accepting new applications as we focus on processing and funding the high volume of loans registered with the SBA and new applications received. We will continue to reassess our ability to accept new applications based on current volume and allocated PPP funding.
These uncertain times do not alter our steadfast commitment to all of our customers. We continue to work with those experiencing financial hardship by making loans, waiving and refunding fees, postponing payments and doing what we can to support our customers and communities during this challenging time.
If you already submitted an application, we will process it as soon as possible and you will be notified on the receipt of your application via email. In addition, you will be contacted by email if additional information or documentation is needed to complete your application. Please check this website periodically for updates on the status of your application. Information about your application status will NOT be available through our branches or Care Centers.
Applications that remain incomplete or ineligible will be not be submitted to the SBA. These applications will show a status of “under review,” and you will be contacted to resolve incomplete or missing information.
I am a PNC business client and my annual revenue is less than $5 Million.
Commercial, Corporate & Institutional
I am a PNC business client and my annual revenue is greater than $5 Million.
You will be contacted by your Relationship Manager
with any status updates.
Legislation modifying the PPP loan forgiveness program has recently passed in Congress and is expected to be signed into law shortly. This page will be updated to reflect any changes to the forgiveness program.
If you received a PPP loan from PNC, we will send you a direct communication that explains how and when you may initiate a loan forgiveness request. Please do not submit a request for forgiveness at this time.
If you used PPP loan proceeds for qualified expenses, PPP loans are eligible for forgiveness up to 100% of the loan amount.
We are providing this information on loan forgiveness based on the text of current laws and regulations, and guidance from the SBA (and other regulatory authorities), including the standardized loan forgiveness application. We will update this site as we receive additional SBA guidance or as we receive information on new federal laws, regulations, or guidance.
PPP borrowers are responsible for understanding the SBA’s rules. PNC will directly prompt borrowers to complete a digital version of the SBA Borrower PPP Loan Forgiveness Application after the end of the 8-week period following the initial loan disbursement.
The information provided is based on our understanding of the CARES Act, as enacted, and additional guidance provided by the SBA and other relevant regulatory authorities on the PPP. The SBA is expected to provide additional guidance on certain aspects of the loan forgiveness process and the records that must be used or submitted as part of that process. The information that we have provided is subject to modification based on any future rules or guidance issued by the SBA or other relevant regulatory authorities, as well as any new U.S. federal government laws, regulations, or programs.
The following expenses are eligible for forgiveness:
Covered Period and Alternate Payroll Covered Period are both defined in the SBA Borrower PPP Loan Forgiveness Application.
You will be required to submit documentation supporting your application for loan forgiveness. Below is a summary of documentation requirements outlined in the SBA Borrower PPP Loan Forgiveness Application:
If you do not provide supporting documentation, the loan will not be eligible for forgiveness.
Loan forgiveness may be reduced by:
Borrowers will be responsible for repaying any amounts not forgiven by the SBA. Any loan amount not forgiven will have a fixed interest rate of 1.00% for a period of two years. Payments will be deferred for 6 months following origination of the loan.
Up to 100% of the principal amount and any accrued interest of the loan may be forgiven if you use the proceeds on qualifying expenses. However, there are certain actions that may reduce the amount of forgiveness, such as reducing the number of employees or reducing employee salaries or wages. Only up to 25% of the forgiven loan amount can be for non-payroll costs.
Outstanding loan amounts bear interest at a fixed rate of 1.00%. The term of the loan is 2 years, however, all payments are deferred for a period of 6 months from the initial disbursement. At the end of the deferral period, any accrued interest that hasn’t been forgiven will be due.
Any principal balances not forgiven will be amortized over an 18 month period following the deferral period. Monthly payments of principal plus interest will begin after the deferral period.
PNC will alert borrowers with an email notification following the 8-week period from initial loan disbursement. Borrowers will be provided login credentials and instructions on how to initiate the loan forgiveness process through PNC’s digital portal.
PNC is not accepting forgiveness applications at this point in time. PNC will directly prompt borrowers to complete a digital version of the SBA Borrower Loan Forgiveness Application after the end of the 8-week period following the initial loan disbursement.
No. PNC will open a digital version of the SBA Borrower Forgiveness Application for borrowers to leverage once we are able to take forgiveness applications. We are not accepting paper applications at this time.
PNC anticipates providing borrowers with their SBA PPP Loan Number and Lender PPP Loan Number through the digital portal.
Borrowers can reference the accompanying instructions in the PPP Loan Forgiveness Application or consult their advisors (accountants or attorneys) with questions. SBA has also indicated that it will issue new regulations and guidance to further assist borrowers as they complete their applications in the near future.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was recently passed to provide emergency relief for small- to medium-sized businesses disrupted by COVID-19. The Act created the Paycheck Protection Program, which will serve as an extension of the Small Business Administration (SBA) 7(a) loan program, allowing financial institutions to provide federally-backed, forgivable loans to eligible businesses.
Although we may receive additional guidance from the SBA, our current understanding of the program is below.
This information is based on currently available information and is subject to change. We are committed to keeping you informed as we receive additional guidance.
Be sure to check this site regularly as we will provide updates as they become available.
The PPP is a federal loan program that helps small- and medium-sized businesses impacted by the coronavirus (COVID-19) to retain their workforce. The loan is an SBA 7(a) loan with the following terms:
The Paycheck Protection Program was signed into law in the wake of the COVID-19 global health crisis. One of this program’s significant features is that you can apply for loan forgiveness after receiving the funds. Forgiveness can be up to 100% of the loan and accrued interest. Another unique feature is the loan deferment, meaning you won’t have to pay principal and interest on your loan for the first 6 months.
This loan will be packaged as an SBA 7(a) loan program. Businesses can apply through PNC Bank, a preferred SBA lender (or another qualified SBA lender). SBA and PNC Bank application fees will be waived for all borrowers. Lenders will have delegated authority to make and approve loans without requiring SBA review or approval – this streamlined process is designed to get capital in the hands of businesses quickly. If you are a current PNC customer, your Business Banker or Relationship Manager can show you how to apply.
Small- and medium-sized businesses that were in operation on or before February 15, 2020 with 500 or fewer full- or part-time employees (independent contractors can apply on their own and do not count toward the employee count), are generally eligible to apply for this loan. Additionally, the business must have paid employee salaries and payroll taxes (or paid independent contractors, as reported on a Form 1099-MISC).
Businesses with more than 500 employees may still qualify for the program by meeting the SBA’s definition of a “small business concern.” A business may also qualify if it meets the SBA employee-based or revenue-based size standard corresponding to its primary industry. Details on SBA size standards can be found
Calculate your maximum loan amount by multiplying your business’s average monthly payroll costs by 2.5. For most businesses, average monthly payroll costs will be based on the full 2019 calendar year or another consecutive period of twelve months ending in January, February, or March 2020. Your monthly payroll includes wages, tips, group health, retirement benefits and employer-paid taxes, but excludes the amount of compensation to individuals in excess of $100,000 and compensation paid to independent contractors. The maximum loan amount is the lesser of that value or $10,000,000.
Seasonal businesses may use average monthly payroll costs for the period between February 15, 2019, or March 1, 2019, and June 30, 2019. Recently established businesses may use average monthly payroll costs for the period from January 1, 2020 through February 29, 2020 if they were not in operation for a full twelve months.
In order to submit your application online, you will need to print application materials, sign, scan, and upload documents.
Based on current guidance, you should gather the following documents to apply for a Paycheck Protection Program loan:
You will need these documents for the relevant time period. For most non-seasonal businesses, this time period will be the full calendar year 2019 (or a consecutive twelve-month period ending in the first quarter of 2020). For seasonal or recently established businesses, it may be shorter.
No, payments to independent contractors do not count toward a company's payroll costs used to calculate the PPP loan amount. Independent contractors can directly apply for a PPP loan on their own.
No. The Paycheck Protection Program does not require collateral or a personal guarantee.
Timing is dependent on your accurate completion and submission of information to PNC Bank and volume of requests. Once PNC Bank approves your loan, the SBA registers it and an executed promissory note is delivered to PNC Bank, funds can be disbursed as fast as possible by wire transfer or ACH payment directly into your PNC business deposit account.
Approved uses of proceeds include:
The interest rate for Paycheck Protection Program loans is set by the SBA and is 1.00%.
The program is administered by SBA lenders and loans may be originated through June 30, 2020 contingent upon the availability of program funds.
There may be more applicants and requests for loans than available funds from the SBA. If that occurs, not every qualified applicant will receive loan proceeds under the Paycheck Protection Program.
The Paycheck Protection Program loan will not affect your future SBA loan funding or total dollars allowed from the SBA.
Yes, customers can use the Paycheck Protection Program loan proceeds to pay PNC Bank interest. However, any amount applied to non-mortgage debt or principal payments will not qualify for loan forgiveness.
If you are a current PNC Bank customer, reach out to your Business Banker or Relationship Manager. If you are not a PNC customer, we encourage you to research your options on our website and determine which program is the best fit for your business.
No. The Government limits each eligible borrower to only one PPP loan. This means that if you apply for a PPP loan you should consider applying for the maximum amount that you are eligible to receive.
Starting today, with the issuance of the final rule, borrowers cannot apply for both an Economic Injury Disaster Loan (EIDL) and a PPP loan:
It’s critical for you to weigh all options available to you to ensure the best financial decision for your business. To apply for an EIDL, you must apply directly through the Small Business Administration. More information on the EIDL can be found
Covered Period is defined as either the eight-week period following the initial disbursement of loan proceeds or, at the election of borrowers with a biweekly (or more frequent) payroll schedule, the eight-week period that begins on the first day of the borrower’s first pay period following the PPP loan disbursement date.
For seasonal firms, 2.5x the average monthly payroll for 12-week period starting either February 15th, 2019 or March 1st, 2019 (at the election of the borrower). For businesses without a full year of payroll history, 2.5x the average monthly payroll from January 1st, 2020 to February 29th, 2020.
The Paycheck Protection Program (PPP) is authorized under the CARES Act and makes available up to $349 billion of Federal funding for loans to support, among other things, the payment by small businesses, sole proprietorships and non-profits of payroll expenses and certain other expenses as described in the Act, the implementing rules and the PPP application materials. Applicants can separately apply to have all or a portion of the loan amount forgiven.
The Small Business Administration (SBA) has indicated that loans under the PPP will be made available on a “first come first served” basis. So once the SBA has expended the full $349 billion of authorized funding, additional loans will no longer be available (unless additional funding is authorized by the Government). In addition, the PPP is scheduled to close on June 30, 2020.
It is very important that you complete the application accurately and provide all requested information. Once you submit the application and supporting documents, it may not be possible to revise or supplement them. PNC will notify you if the application is incomplete or PNC cannot otherwise complete its processing of the application. Once the application is complete and is determined to meet PNC and PPP requirements, PNC will electronically submit the application to the SBA. Given the strong expected demand for loans under the PPP, there may be delays in processing your application.
If your application is approved by the SBA, PNC will contact you and provide you with a promissory note for execution. That promissory note must be signed and returned to PNC for you to receive the proceeds of the loan.
PNC will review and approve PPP loan applications in accordance with applicable legal and regulatory requirements.
For customer verification purposes due to applicable rules, companies with revenues less than $5 million must have a PNC Business Deposit or Checking Relationship and be registered for online banking in order to submit a PPP application through PNC’s online application portal. For information on how to establish a PNC deposit account and register for online banking, please visit pnc.com/smallbusiness.
PNC will not pay Agents for assistance they may provide an applicant in obtaining a PPP loan.
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