New & Second Draw Loans
PNC is currently accepting Paycheck Protection Program (PPP) applications from existing customers.
Due to high volume, customers may experience delays in accessing the PPP loan application portal.
The U.S. government stimulus package passed on Dec. 27 includes new funding for the Paycheck Protection Program (PPP) with the goal of helping smaller businesses that have been harder hit by COVID related closures and restrictions. The legislation creates a second PPP loan option, includes changes that will impact current and future forgiveness for certain borrowers, and amends provisions for some PPP loans that borrowers already have received.
IMPORTANT PROCEDURAL NOTICE FROM SBA THAT IMPACTS CERTAIN EXISTING PPP BORROWERS WHO RECEIVED A PPP LOAN IN 2020
The SBA released new guidance that prohibits borrowers from receiving forgiveness on any amount of the PPP loan that exceeds the “correct maximum loan amount” as calculated under current statutes, regulation, and guidance.
For borrowers who received a PPP loan in 2020:
- PNC will be unable to approve requests for forgiveness for any amount that exceeds the correct maximum loan amount. Borrowers are required to repay any unforgiven portion of a PPP loan under the terms of the PPP loan agreement.
- PNC is completing a review of all existing PPP loans. If we have contacted you regarding needed documentation for your initial PPP loan, we ask that you continue to work with us to provide these. If not, we may be reaching out in the future to discuss your loan and request certain additional documentation.
For borrowers applying for a second draw PPP loan:
- PNC is requiring some borrowers to re-substantiate their average monthly payroll costs when applying for a second draw PPP loan by re-submitting documentation supporting their average monthly payroll costs.
Learn More About First-Time PPP Loans and Apply »
Learn More About Second Draw PPP Loans and Apply »
Existing Loan Forgiveness
At this time, PNC is pausing on sending invitations to apply for forgiveness to customers with PPP loans of $150,000 or less. In the meantime, we are working to update our application portal and processes in anticipation of the SBA’s publication of the new form, instructions and guidance. However, if we have contacted you regarding needed documentation for your initial PPP loan, we will continue to process the information that you provide to us.
The SBA recently published a document called the Loan Necessity Questionnaire ("Questionnaire") for both for-profit and non-profit PPP borrowers. Per the SBA, all borrowers who received a PPP loan with an original principal amount[1] of $2 million or greater (or together with affiliates,[2] received PPP loans in the aggregate amount of $2 million or greater) must complete the Questionnaire. This Questionnaire is consistent with guidance the Treasury and the SBA announced in April and May that a full review of all PPP loans of $2 million or greater, would be completed by the SBA for eligibility and compliance with loan forgiveness requirements.
There is no action required at this time. If you are required to complete this Questionnaire, PNC will contact you directly. Please do not submit a Loan Necessity Questionnaire that you do not receive directly from PNC.
There are companies/firms contacting PNC borrowers with offers for services to assist with Paycheck Protection Program (PPP) Loan Forgiveness. These companies/firms are not affiliated with PNC, and PNC will not pay any outside agents for any assistance they may provide to a borrower in obtaining a PPP loan or submitting a claim for PPP loan forgiveness. Any communications to PNC borrowers regarding PPP loan forgiveness or invitations to apply for forgiveness will come directly from PNC.
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