Paycheck Protection Program

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Program Updates

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.

Learn More »

 

First Loans for New PPP Borrowers

Businesses that have not previously received a PPP loan may apply for a first-PPP loan. Note that the rules and eligibility requirements for new, first PPP loans are different than those for second draw PPP loans.

 

You may be eligible to apply for a PPP Loan for the first time if you:

  • are a business, certain type of non-profit organization, housing cooperative, veterans’ organization, tribal business, self-employed individual, sole proprietor, independent contractor, or small agricultural co-operatives;
  • employ not more than 500 employees or qualify under other SBA rules;
  • have not previously received a PPP loan

 

Businesses that are not eligible to apply include:

  • entities listed in 13 CFR 120.110  (note that non-profits and religious organizations are eligible);
  • entities in which certain federal officials or their spouses (refer to SBA rules), directly or indirectly, hold a controlling interest;
  • entities involved in political and lobbying activities, as well as think tank entities, public policy or political strategy advocacy businesses;
  • entities that have permanently closed;
  • entities that receive a grant under the Shuttered Venue Operator Grant program; and
  • publicly traded companies.

 

Refer to SBA Rules for more information on eligibility requirements.

How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By Business Type

 

Interested in Applying?

Please select the option below that best describes your business:

 

I am enrolled in PNC Online Banking.


Please use a Chrome Browser for the application.
Important information you need to know before applying »

  

I am NOT enrolled in PNC Online Banking.


Please contact your banker to receive
a PPP loan application invite via email.


If you have already received your invite,
finish your application.

Basic Loan Terms:

In general, borrowers may receive a loan amount of up to 2.5X the average monthly payroll costs in the one year prior to the loan or the calendar year 2019 or 2020.  Seasonal employers may calculate their maximum loan amount based on a 12-week period beginning February 15, 2019 through February 15, 2020.  New entities may receive loans of up to 2.5X the sum of average monthly payroll costs.  Loans are 100% guaranteed by the SBA and forgivable if the proceeds are used for forgivable expenses. Loan amounts will accrue interest at a fixed rate of 1.00% and have a 5-year maturity.

First-time borrowers are eligible to receive a maximum loan amount of $10 million.

Second draw borrowers are eligible to receive a maximum loan amount of $2 million.

Refer to SBA Rules for more information on other applicable terms, conditions and limitations.

Consistent with PNC’s existing SBA lending guidelines, we do not accept applications from Agents acting on behalf of borrowers and do not pay Agents.

 

PNC Application Requirements

To apply, you must have an existing PNC deposit or lending relationship, due to customer verification requirements that apply under applicable rules. If you are a self-employed worker or an independent contractor, you must have had an existing PNC deposit or lending relationship as of December 31, 2020 to apply for the program. Business Banking clients must also be enrolled in Online Banking in order to apply. If you are not currently enrolled, please enroll in Online Banking prior to applying for a PPP loan.

Please make sure that your business address is not a P.O. Box address. Per SBA guidelines, a P.O. Box cannot be a valid business address for a PPP loan submission.

PPP Loan Application Document Checklist

 

Important Application Reminders

  • The application may take an hour or more to complete.
  • It is important that you complete your application accurately with the required information, documents and signatures. Inaccurate and/or incomplete responses and documentation will impact how quickly we can process the application. We are not able to submit to the SBA applications that remain incomplete or ineligible.
  • Not all applicants may be eligible for a PPP loan based on responses to qualifying questions, consistent with SBA program guidelines. Please read all questions within the application carefully. Please visit sba.gov for program guidelines.
  • PNC reserves the right to stop accepting PPP applications at any time, dependent upon the number of applications submitted, processing capacity and SBA allocated funding.
  • Given the limitations on SBA authorized funding and interest in PPP loans from small businesses across the country, it is possible that not every complete application will be submitted to, and registered by, the SBA before the PPP’s authorized funding is exhausted.

 

Second Draw PPP Loans

Businesses that have previously received a PPP loan may now apply for a Second Draw PPP loan. We are currently accepting applications online, and we ask that customers not complete the SBA paper applications for submission to PNC.

 

You may be eligible to apply for a second draw PPP loan if you:

  • are a business, certain type of non-profit organization, housing cooperative, veterans’ organization, tribal business, self-employed individual, sole proprietor, independent contractor, or small agricultural co-operative;
  • employ not more than 300 employees;
  • have used or will use the full amount of your first PPP loan on eligible expenses; and
  • demonstrate at least a 25 percent reduction in gross receipts in the first, second, third or fourth quarter of 2020 relative to the same 2019 quarter (or under the applicable timelines for businesses that were not in operation in Q1, Q2, and Q3, and Q4 of 2019). The SBA issued new guidance on Jan. 19 regarding required documentation for businesses applying for a second PPP loan to demonstrate the required gross receipts reduction. Please carefully review the Second Loan Revenue Reduction Documentation required.

 

Refer to SBA guidance for How to Calculate Revenue Reduction and Maximum Second Draw Loan Amounts.

 

Businesses that are not eligible to apply include:

  • entities listed in 13 CFR 120.110  (note that non-profits and religious organizations are eligible);
  • entities in which certain federal officials or their spouses (refer to SBA rules), directly or indirectly, hold a controlling interest;
  • entities that have permanently closed;
  • entities involved in political and lobbying activities, as well as think tank entities, public policy or political strategy advocacy businesses;
  • entities with certain relationships or affiliations with people or entities in the People’s Republic of China;
  • registrants under the Foreign Agents Registration Act;
  • entities that receive a grant under the Shuttered Venue Operator Grant program; and
  • publicly traded companies.

 

Refer to SBA Rules for more information on eligibility requirements.

How to Calculate Revenue Reduction and Maximum Second Draw Loan Amounts

 

Interested in Applying?

Please select the option below that best describes your business:

 

I am enrolled in PNC Online Banking.


You must have these documents ready before applying
Please use a Chrome Browser for the application.

  

I am NOT enrolled in PNC Online Banking.


Please contact your banker to receive
a PPP loan application invite via email.


If you have already received your invite,
finish your application.

Basic Loan Terms:

In general, borrowers may receive a loan amount of up to 2.5X the average monthly payroll costs in the one year prior to the loan or the calendar year 2019 or 2020.  Seasonal employers may calculate their maximum loan amount based on a 12-week period beginning February 15, 2019 through February 15, 2020.  New entities may receive loans of up to 2.5X the sum of average monthly payroll costs.  Entities in industries assigned to NAICS code 72 (Accommodation and Food Services) may receive loans of up to 3.5X average monthly payroll costs.  Loans are 100% guaranteed by the SBA and forgivable if the proceeds are used for forgivable expenses. Loan amounts will accrue interest at a fixed rate of 1.00% and have a 5-year maturity.

First-time borrowers are eligible to receive a maximum loan amount of $10 million.

Second draw borrowers are eligible to receive a maximum loan amount of $2 million.

Other terms, conditions and limitations apply.

Refer to SBA Rules for more information on other applicable terms, conditions and limitations.

 

Existing Loan Forgiveness

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. If you do not apply for forgiveness, your first payment will be due in the first month after your deferral period ends.

Step 1: Preparing to Apply  |  Step 2: Applying for Forgiveness  |  Step 3: SBA Review  |  FAQs

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.

 

Loan Necessity Questionnaire

If you 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. If you are required to complete the Questionnaire, we will send the Questionnaire to you when we are notified by the SBA that they have begun their file review. You have 10 business days to complete and submit the Questionnaire to PNC. Once received, PNC has 5 days to submit the Questionnaire to the SBA with supporting documentation.

 

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. Please note that it is possible that SBA could request the Questionnaire from any borrower who ever received a loan of $2MM or more, even if the loan was repaid in full, or paid down to less than $2MM.

  2. See 85 FR 20817 (April 15, 2020) regarding application of SBA's affiliation rules.

  3. 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.