Paycheck Protection Program

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Program Update

On Thursday, Oct. 8, 2020, the Small Business Administration released PPP Loan Forgiveness Application Form 3508S and instructions, which is available for borrowers meeting criteria listed on the top of the application. We are working to incorporate these changes into our PPP forgiveness application portal. In general, if you received a PPP loan of $50,000 or less and have not, together with your affiliates, received PPP loans totaling $2 million or greater, you may use the new streamlined form once PNC has completed updates to our PPP forgiveness application portal.

Step 1: Preparing to Apply

Track your expenses and work with your payroll provider to collect documentation. If you used PPP loan proceeds for qualified expenses, PPP loans are eligible for forgiveness up to 100% of the loan amount.

Review Documentation Requirements for an outline of the documents required to support different categories of costs you can claim on your PPP loan forgiveness application.

 

Review the PPP Loan Forgiveness Application Options:

 

Form 3508S (Loan Forgiveness Form S and Instructions)

  • This simple form requires fewer calculations, may call for less documentation, and does not require you to reduce your loan forgiveness calculations if you have reduced FTE or salaries. Consider using if,
    • You received a PPP loan of $50,000 or less and have not, together with your affiliates, received PPP loans totaling $2MM or more

Form 3508EZ (Loan Forgiveness Form EZ and Instructions)

  • This form allows certain borrowers to use a streamlined forgiveness application, including reduced documentation requirements. Consider using if,
    • You are a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of your PPP loan application and you did not include any employee salaries in the computation of average monthly payroll, OR
    • You did not reduce annual salary or hourly wages of any employee by more than 25% AND did not reduce full-time equivalency (FTE) employees during covered period, OR
    • You did not reduce annual salary or hourly wages of any employee by more than 25% AND were unable to operate at pre-COVID19 levels of business activity during the covered period due to compliance with government standards of sanitation, social distancing, or any other safety requirement related to COVID-19.

Form 3508 (Loan Forgiveness Form and Instructions)

  • If you do not use either Form 3508S or Form 3508EZ, you will use Form 3508 to complete your application

Step 2: Applying for Forgiveness

Following your submission of a complete application through our digital portal, along with documentation necessary to substantiate your claim for forgiveness, PNC has sixty (60) days to review your application and notify the SBA of our decision on the amount of your claim.

PNC’s review will include:

  • Confirming receipt of the borrower certifications contained in the Loan Forgiveness Application Form
  • Confirming receipt of all documentation required to verify payroll and nonpayroll expenses, as specified in the instructions to the Loan Forgiveness Application Form; and
  • Confirming the accuracy of borrower’s calculations listed on the loan forgiveness application by reviewing the supporting documentation.

During our review of your application, you may be contacted to provide additional details and documentation to support your application.

 

Additional Considerations

  • If your payroll expenses for the covered period are greater than your loan forgiveness amount, you do not have to provide documentation related to non-payroll expenses.
  • If you do not apply for forgiveness, or if there is a balance remaining after SBA remits its forgiveness payment, you will be required to begin making payments on the balance due in accordance with the terms of your loan documents. 
  • You may submit a loan forgiveness application any time before the maturity date of the loan, as stated in your loan documents

Step 3: SBA Review

Once PNC’s review is complete, a decision on the forgiveness claim will be made and submitted to the SBA. After that, the SBA has 90 days to remit payment of the lender-approved forgiveness amount.

We will inform you of the SBA’s decision once we receive a response.

If you do not apply for forgiveness, or if there is a balance remaining after SBA remits its forgiveness payment, you will be required to begin making payments on the balance due in accordance with the terms of your loan documents.

Frequently Asked Questions

Application & Documentation
Borrower Process & Eligibility
Lender Process
SBA
Qualified Expenses

Important Legal Disclosures & Information

  1. Note that selecting an 8-week period shortens the time frame for costs you can claim for forgiveness, and impacts your ability to revert decreases in number of employees and salaries/wages, potentially lowering the forgiveness amount.

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.

PNC will not pay Agents for assistance they may provide an applicant in obtaining a PPP loan or submitting a claim for forgiveness.

Read a summary of privacy rights for California residents which outlines the types of information we collect, and how and why we use that information.