Paycheck Protection Program

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Program Update

PNC has funded over 74,000 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, providing 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.


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.

We understand your desire to begin the forgiveness process.  We’ll send you an invitation to apply once we’re ready to accept your application.  Please note that even if you haven’t applied for forgiveness, no payments are due until the end of your deferral period, which is 10 months after the end of the 24 weeks covered period (or 10 months after the end of 2020, whichever occurs first).  Once you apply for forgiveness, payments on any unforgiven portion of your loan will be due in the first month after the SBA remits a forgiveness payment to PNC.

Additional Considerations

  • Your covered period for forgivable expenses is 24 weeks, but if you received your loan prior to June 5, you have the option to choose an 8-week covered period.
  • 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 .

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

Loan Forgiveness

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 only be accepting applications based on the newest form published by the SBA. 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.

The SBA launched its PPP Forgiveness Platform on Monday, Aug. 10. This platform allows PNC and other lenders to submit completed PPP loan forgiveness applications to the SBA for its review. At this time, PNC is continuing to develop our digital PPP Forgiveness Application, which will allow customers to complete the forgiveness application that will be submitted to the SBA. We are working diligently to incorporate recent changes from the SBA into the application, enhance the application based on feedback from our customer pilot program and provide an optimal experience for our customers.

What You Need to Know Before Applying
Loan Forgiveness Frequently Asked Questions

Program Overview

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.



Program Provisions

  • Available to small- and medium-sized businesses with fewer than 500 employees (subject to limited exceptions), including 501(c)(3) nonprofit organizations, 501(c)(19) veterans organizations and/or Tribal businesses.
  • Loan proceeds may only be used for specific expenses, such as payroll costs, utilities, mortgage interest, rent/lease payments, group healthcare benefits, interest on existing debt, and other approved efforts to retain employees.
  • Maximum loan size is up to 2.5 times average monthly payroll costs over the prior 12 months for most businesses, or over a more targeted period for seasonal businesses, but may not exceed $10 million.[1].
  • Paycheck Protection Program loans do not require a personal guarantee or collateral.
  • All or a portion of the loan and accrued interest may be forgiven.
    • The amount of forgiveness is calculated as the sum of amounts paid in the eight weeks following loan origination for payroll, mortgage interest, rent, and utilities. The portion of forgiveness that can come from non-payroll expenses is limited to 25% of the total forgiven amount.
  • Borrowers will not be charged any participation fees or pre-payment fees.
  • Balances remaining after loan forgiveness will have a maximum maturity of 2 years.
  • Loan and interest payments are deferred for 6 months.
  • Impacted businesses may only receive one Paycheck Protection Program loan.
  • All eligible entities impacted by COVID-19 between February 15, 2020 and June 30, 2020 may apply.
  • Loans will be available through June 30, 2020, although program funding limitations may impact loan availability for those businesses applying later in the availability timeframe.


Important Legal Disclosures & Information

  1. 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.

  2. 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.

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 will not pay Agents for assistance they may provide an applicant in obtaining a PPP loan.

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