Paycheck Protection Program

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Program Updates

New Loans

Second Draw Loans

Existing Loan Forgiveness

Program Updates

New & Second Draw Loans

PNC is currently accepting Paycheck Protection Program (PPP) applications from existing customers.

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:

Some borrowers may need 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

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 »

Apply Now

Check Application Status

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.

Apply Now

Check Application Status

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 are currently working to update our PPP loan forgiveness application portal to reflect new guidance released by the SBA on January 19, 2021. We will email you once we are ready to resume sending invitations to apply for forgiveness under the terms provided for in the new guidance. We understand your desire to begin the PPP loan forgiveness process and appreciate your patience.

If you have already applied for PPP loan forgiveness, we will contact you if additional information is required based on the new guidance.

Please note that even if you haven’t applied for forgiveness, no payments are due until 10 months after the end of your applicable covered period, as described in your PPP promissory note.

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

Loan Proceeds & Forgiveness Eligibility

The following expenses are eligible for forgiveness:

Payroll costs (as described in the Interim Final Rule 1), including compensation to owners (as described in Interim Final Rule 3) that are paid or incurred during the Covered Period or Alternative Payroll Covered Period.
- Payroll costs incurred but not paid during the Borrower’s last pay date of the Covered Period or the Alternative Payroll Covered Period are eligible for forgiveness if paid on or before the next regular payroll date or Alternative Payroll Covered Period.
- Payroll costs that were both paid and incurred can only be counted once toward the forgiveness amount
Non-Payroll costs paid or incurred during the Covered Period. Non-payroll costs incurred during the Covered Period must be paid on or before the next regular billing date, even if the billing date is after the Covered Period. Non-payroll costs may not exceed 40% of the loan forgiveness request. The following non-payroll costs are eligible for forgiveness:
- Interest payments on business mortgage obligations (not including the pre-payment of interest or any payment of principal) entered into before February 15, 2020
- Business rent/lease payments (on real or personal property) if the lease was entered into before February 15, 2020
- Business utility payments (e.g., electricity, gas, water, transportation, telephone, internet access) if the service began before February 15, 2020

Covered Period Details

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.^[3]

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). If eligible, you may elect to apply for forgiveness before the end of the 24-week period, however, all costs you claim must be paid or incurred during the timeframe you elect.

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 Payroll 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 a date that began on the first day of the payroll period following their PPP loan funding date.

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

What is the SBA Form 3508EZ and how do I qualify to use it?

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:

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.
You did not reduce annual salary or hourly wages of any employee by more than 25% AND did not reduce the number of full-time equivalent (FTE) employees (or the average paid hours of employees).
You did not reduce annual salary or hourly wages of any employee by more than 25% AND were unable to operate at pre-COVID-19 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.

How do I obtain the SBA PPP Loan Number and Lender PPP Loan Number for the forgiveness application?

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.

Where can I go with questions on how to populate the forgiveness calculation 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.

What documentation is required to submit a forgiveness application?

In general, payroll documentation, full-time equivalent (FTE) headcount documentation, and non-payroll documentation will be required.

Borrower Process & Eligibility

How does forgiveness work?

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.

When and how will I apply for forgiveness?

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.

The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 12/31/2020 in the upper-right corner. Is December 31, 2020 the deadline for borrowers to apply for forgiveness?

No. You may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination.

However, if you do not apply for loan forgiveness within 10 months after the last day of your loan forgiveness Covered Period, loan payments are no longer deferred, and you must begin making payments on the loan. For example, if a borrower’s covered period ends on October 30, 2020, the borrower has until August 30, 2021 to apply for forgiveness before loan repayment begins.

The expiration date in the upper-right corner of the posted PPP loan forgiveness application forms is displayed for purposes of SBA’s compliance with the Paperwork Reduction Act and reflects the temporary expiration date for approved use of the forms. This date will be extended, and when approved, the same forms with the new expiration date will be posted

My covered period has ended or is ending soon, should I have heard from PNC?

PNC will notify you once we are able to accept your application through our Portal. 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 your 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.

What should I do if I’m planning or there is a change in ownership of my business?

Reach out to your Business Banker or Relationship Manager prior to the closing of any covered change in ownership. Covered change of ownership occurs when:

The common stock or other ownership interest in the PPP Borrower is being sold or otherwise transferred,
When the borrower sells or transfers at least 50% of its assets, or
When the borrower merges with or into another entity.

Lender Process

If my loan is not forgiven, how much is my monthly payment?

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.

Can I submit a forgiveness application in paper form?

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.

How long will it take for the forgiveness process to be completed?

Guidance from the SBA states that lenders have 60 days after receiving a complete forgiveness application to review a PPP Forgiveness application and submit the lender’s decision to the SBA. Once the SBA receives the lender’s decision, they have 90 days to review the application before remitting a forgiveness payment to the lender.

Will PNC populate my Funded PPP Loan Amount and my PPP Loan Disbursement Date in my Forgiveness Application?

Yes.

My covered period is ending or about to end, when will my payments begin?

If you apply for forgiveness, payments are deferred until the time when SBA remits payment to PNC. If there is a remaining balance after SBA remits payment, your first payment will be due the following month. If you do not apply for forgiveness, your first payment will be due 10 months after the end of the 24-week covered period (or 10 months after December 31, 2020, whichever is earlier). Refer to your loan documents for more information about deferral periods and repayment. Additionally, PNC will notify you of your first payment due date.

SBA

What is the Loan Necessity Questionnaire?

The Loan Necessity Questionnaire is a method to collect information for borrowers with loans over $2MM that will be used in evaluating the good faith certification made by clients that there was an economic necessity to receive PPP funds. This relates to the guidance from the Treasury and the SBA in April and May that clients who received PPP loans of $2 million or greater would receive a full review of their PPP loan for eligibility, fraud or abuse, and compliance with loan forgiveness requirements.

Is the Loan Necessity Questionnaire a PNC requirement?

No, this is an SBA requirement. Banks are only a conduit to collect and input the information into the SBA’s system.

How much time do I have to complete the Questionnaire?

You have 10 business days upon receipt from PNC. You must submit a fully completed form that includes all questions answered with any applicable attachments included.

What if I have already submitted supporting documentation with my application? Do I need to resend all of the supporting documentation?

No. If you have already provided supporting documentation through the portal, you do not need to provide it again. You should reply back to the mailbox indicating the evidence was already uploaded to the portal and only include anything newly required based on the questionnaire and/or full file review.

Do I need to fill out more than one questionnaire if I have affiliates with a combined PPP loan of $2 million or greater?

Yes. A questionnaire must be completed and submitted by each affiliate that is also a PPP borrower, if the combined amount of PPP loans received by the affiliate group is $2 million or greater.

If I took original loan of $2MM but ended up paying down, do I still need to complete this questionnaire?”

Yes, the requirement to complete a pay down is based on the original principal loan amount a borrower received.

What if a borrower disagrees with the amount of forgiveness determined?

Within 30 days of this notice, you may request that the SBA review this decision by contacting an SBA Call Center Representative at 833-572-0502, or the local SBA Field Office; the list of offices can be found at https://www.sba.gov/tools/local-assistance/districtoffices. Please note that you are required to make your monthly payments unless the SBA reverses our decision.

Qualified Expenses

Are payroll costs that were incurred before or after the Covered Period but paid during the Covered Period eligible for loan forgiveness?

Yes.

Will I be subject to a decrease in my forgiveness amount due to a reduction in full time employees during the Covered Period if I offered to rehire one or more, or laid off employees but the employees declined?

In calculating your loan forgiveness amount, you may exclude any reduction in full time employees if you are able to document in good faith the following: (1) an inability to rehire individuals who were employees of the borrower on February 15, 2020 and (2) an inability to hire similarly qualified individuals for unfilled positions on or before December 31, 2020. The documents that you should maintain to show compliance with this exemption include the written offer to rehire an individual, a written record of the offer’s rejection, and a written record of efforts to hire a similarly qualified individual. These documents must be sent to the applicable state’s unemployment insurance office within 30 days of the employee’s rejection of the rehire.

Do all Payroll Costs need to be incurred during the Covered Period?

Payroll costs that were either paid or incurred during the Covered Period are likely eligible for forgiveness. Payroll costs are considered paid on the day that paychecks are distributed or the Borrower originates an ACH credit transaction. Payroll costs are considered incurred on the day that the employee's pay is earned. Payroll costs incurred but not paid during the borrower's last pay period of the Covered Period are eligible for forgiveness if paid on or before the next regular payroll date. Payroll costs that were both paid and incurred can only be counted once toward the forgiveness amount.

Useful Links

New Assistance for Employees and Tax Benefits for your Business
FAQs provided by the US Treasury
Table of Small Business Size Standards
SBA EIDL Website
FAQS for Loan Forgiveness Provided by the SBA
Summary of PPP lending as of 7/31/20
Interim Final Rule - Appeals of SBA Loan Review Decisions Under the PPP
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

Important Legal Disclosures & Information

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.

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

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.

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New & Second Draw Loans

Existing Loan Forgiveness

I am enrolled in PNC Online Banking.

I am NOT enrolled in PNC Online Banking.

I am enrolled in PNC Online Banking.

I am NOT enrolled in PNC Online Banking.

Loan Proceeds & Forgiveness Eligibility

Covered Period Details

What is the SBA Form 3508EZ and how do I qualify to use it?

How do I obtain the SBA PPP Loan Number and Lender PPP Loan Number for the forgiveness application?

Where can I go with questions on how to populate the forgiveness calculation form?

What documentation is required to submit a forgiveness application?

How does forgiveness work?

When and how will I apply for forgiveness?

The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 12/31/2020 in the upper-right corner. Is December 31, 2020 the deadline for borrowers to apply for forgiveness?

My covered period has ended or is ending soon, should I have heard from PNC?

What should I do if I’m planning or there is a change in ownership of my business?

If my loan is not forgiven, how much is my monthly payment?

Can I submit a forgiveness application in paper form?

How long will it take for the forgiveness process to be completed?

Will PNC populate my Funded PPP Loan Amount and my PPP Loan Disbursement Date in my Forgiveness Application?

My covered period is ending or about to end, when will my payments begin?

What is the Loan Necessity Questionnaire?

Is the Loan Necessity Questionnaire a PNC requirement?

How much time do I have to complete the Questionnaire?

What if I have already submitted supporting documentation with my application? Do I need to resend all of the supporting documentation?

Do I need to fill out more than one questionnaire if I have affiliates with a combined PPP loan of $2 million or greater?

If I took original loan of $2MM but ended up paying down, do I still need to complete this questionnaire?”

What if a borrower disagrees with the amount of forgiveness determined?

Are payroll costs that were incurred before or after the Covered Period but paid during the Covered Period eligible for loan forgiveness?

Will I be subject to a decrease in my forgiveness amount due to a reduction in full time employees during the Covered Period if I offered to rehire one or more, or laid off employees but the employees declined?

Do all Payroll Costs need to be incurred during the Covered Period?

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