News Release Details
Financial Press Release
PNC Update On Paycheck Protection Program Support
"The dedicated efforts of PNC employees, including thousands of personnel who volunteered to take on new assignments to review, document and close PPP loans, has allowed us to proudly support small businesses across the communities we serve," said PNC Chairman, President and CEO
Of the loans for PNC customers processed and registered with the SBA, 85% were from PNC's Business Banking segment, which services businesses, including non-profits, sole proprietors and independent contractors, with less than $5 million in annual revenues. Further, approximately 79% of the registered loans were for amounts of
PNC also took special care to ensure that non-profits and businesses operating in low- or moderate-income (LMI) geographies were not left behind. More than 14,500 of loans registered by the SBA are for borrowers located in LMI census tracts, and more than 4,500 of the registered loans are for non-profit organizations.
"The demand for PPP loans both at PNC and across the nation, has been extraordinary and unprecedented," said Demchak. "We took our obligations with respect to each one very seriously, working as quickly as possible to fully process every, single one."
In addition, to further support small businesses that may lack access to traditional financial institutions, PNC has committed more than $45 million to eight community development financial institutions (CDFIs) since
"We recognize that the COVID-19 pandemic has had a devastating impact on small businesses throughout the nation and that these have been extremely trying and stressful times for our customers," said Demchak. "Given the scope of the PPP program and the speed with which all participants have had to act, we are aware that the process has not been seamless, but we thank our customers for their patience as we have continued to work with the SBA to assist them in maintaining their payroll and operations in these unprecedented times."
PNC is helping customers experiencing financial hardship due to COVID-19 impacts in other ways as well, including granting thousands of requests for extensions, deferrals and forbearance. Through
PNC also continues upholding its longstanding commitment to supporting the communities it serves, with more than
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