Personal Small Business Corporate & Institutional About Us
PNC has funded over 73,000 Paycheck Protection Program loans, totaling more than $13.6 billion, for our small business customers. These uncertain times do not alter our steadfast commitment to our customers. We continue to work with those experiencing financial hardship through a range of measures, including removing late fees, loan payment relief, consumer hardship loans and doing what we can to support our customers and communities.
We are currently not accepting new Paycheck Protection Program (PPP) applications as we focus on loan forgiveness requests. We will continue to reassess our ability to accept new applications based on forgiveness processing and allocated PPP funding.
Please note that information about your application status will NOT be available through our branches or Care Centers. Applications that remain incomplete or ineligible were not able to be submitted to the SBA. These applications will show a status of “under review.”
PPP Loan Forgiveness Information
If you have already received funds for your PPP loan, please review our information on the loan forgiveness process. If you used PPP loan proceeds for qualified expenses, PPP loans are eligible for forgiveness up to 100% of the loan amount.
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.
The Paycheck Protection Program Flexibility Act of 2020 (‘PPP Flexibility Act’), which was signed into law on June 5, 2020, modifies the loan forgiveness process and provides significant benefits to PPP loan borrowers.
On June 17, 2020, the SBA published updated forgiveness forms aligned with the PPP Flexibility Act. To ensure consistency and clarity for our clients, we will not be accepting applications based on the previous SBA forgiveness application form. You can reference the revised SBA Loan Forgiveness Application and Instructions and the new SBA Loan Forgiveness Form EZ and Instructions on the Treasury site.
We are currently incorporating the revised and new forms into our digital loan forgiveness application. 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 through our digital portal when available. Required fields such as SBA PPP Loan Number and Lender PPP Loan Number will be provided to you in the digital portal.
If you used PPP loan proceeds for qualified expenses, PPP loans are eligible for forgiveness up to 100% of the loan amount.
PPP borrowers are responsible for understanding the SBA’s rules. We are providing this information based on the text of current laws and regulations, and guidance from the SBA (and other regulatory authorities). 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:
You will be required to submit documentation supporting your application for loan forgiveness. Subject to additional SBA guidance, we anticipate that borrowers will be expected to submit the following documents:
If you do not provide supporting documentation, the loan will not be eligible for forgiveness.
What is the Covered Period?
The default Covered Period runs for 24 weeks (or until December 31, 2020 if it occurs before the end of this 24-week period), starting on the date the loan was funded.
Borrowers who received their loans prior to June 5, 2020 may alternatively elect an 8-week Covered Period (starting on the date the loan was funded).
Is there anything I have to do in order to extend my covered period to 24 weeks?
No, your Covered Period will automatically extend to 24 weeks unless you indicate otherwise in your Forgiveness Application
The Alternative Covered Period:
The Alternative Covered Period can be used for administrative convenience for Borrowers with a biweekly (or more frequent) payroll schedule. Borrowers may elect to calculate payroll costs using the 24-week period (or 8-week period, if elected) that begins on the first day of their pay period following their PPP loan funding date.
SBA Loan Forgiveness Application (Standard)
SBA Loan Forgiveness Application Instructions (Standard)
SBA Loan Forgiveness Form EZ
SBA Loan Forgiveness Form EZ Instructions
Interim Final Rule on Loan Forgiveness
Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities
Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules
Interim Final Rule on Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule
Your total eligible forgiveness amount may be reduced if:
Borrowers will be responsible for repaying any amounts not forgiven by the SBA. PPP loans have a fixed interest rate of 1.00%. Any loan approved on or after June 5, 2020 will have a maturity of five years, and any loan approved before June 5, 2020 will have a maturity of two years, unless the borrower and PNC agree to extend the period to five years.
If you apply for forgiveness, your payments will be deferred until PNC receives your approved loan forgiveness funds from the SBA. If you don’t apply for forgiveness, your payments could be deferred for up to 16 months – the deferral period has been extended for 10 months following whichever date occurs first – the date that is 24 weeks after your loan was funded, or December 31, 2020.
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 40% of the forgiven loan amount can be for non-payroll costs.
Outstanding loan amounts bear an interest rate of 1.00%. Any loan approved on or after June 5, 2020 will have a maturity of five years, and any loan approved before June 5, 2020 will have a maturity of two years, unless the borrower and PNC agree to extend the period to five years. At the end of the deferral period, any accrued interest that has not been forgiven will be due.
If you apply for forgiveness, your payments will be deferred until PNC receives your approved loan forgiveness funds from the SBA. If you don’t apply for forgiveness, your payments could be deferred for up to 16 months – the deferral period has been extended for 10 months following whichever date occurs first – the date that is 24 weeks after your loan was funded, or December 31, 2020. Monthly payments of principal plus interest will begin after the deferral period.
PNC will alert borrowers with an email notification once the PNC digital application portal is available to accept applications. You will be notified once the PNC Online Portal becomes available. Borrowers will be provided login credentials and instructions on how to initiate the loan forgiveness process through PNC’s digital portal.
We are currently incorporating the revised and new forms into our digital loan forgiveness application and will prompt borrowers to complete the application through the portal. To ensure consistency and clarity for our clients, we will not be accepting applications based on the initial SBA application and we will not be accepting paper applications. The only applications we will accept are through the PNC Online Forgiveness Portal.
PNC will notify you once we are able to accept online applications through our Portal.
The SBA’s “EZ” form will allow certain borrowers to use a streamlined forgiveness application, including reduced documentation requirements. Borrowers can apply for forgiveness using this form if one of the following is applicable:
No. PNC will let borrowers know when our digital portal is ready to accept forgiveness applications. We are not accepting paper applications at this time.
You will not have to obtain these numbers. PNC will automatically pre-populate borrowers’ Forgiveness Applications with their SBA PPP Loan Number and Lender PPP Loan Number in the digital portal.
In general, payroll documentation, full-time equivalent (FTE) headcount documentation, and non-payroll documentation will be required.
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.
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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