PITTSBURGH, May 1, 2020 /PRNewswire/ -- The PNC
Financial Services Group, Inc. (NYSE: PNC) today
announced that the U.S. Small Business Administration (SBA)
has registered more than 70,500 Paycheck Protection Program (PPP)
loans totaling $14 billion for PNC
small business customers. These small businesses are estimated to
employ more than 1 million people.
"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 William S.
Demchak. "This has been a massive and sustained effort by
PNC, including many team members working tirelessly and through the
night to deliver for our customers, who are critically important to
us, the communities they serve and the broader U.S. economy."
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 $150,000 or less, with an
additional 17% for amounts between $150,000 and $1 million. The average loan
size was less than $200,000.
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 March 2020
to support their own origination of PPP loans in potentially
underserved geographies and sectors.
"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 April 30, PNC has completed
more than 156,000 consumer requests on loans totaling $9.3 billion; granted more than $2.6 million in emergency personal loans; and
waived more than $8.1 million in
deposit fees.
PNC also continues upholding its longstanding commitment to
supporting the communities it serves, with more than $30 million allocated in 2020 in support of
coronavirus relief efforts across its markets.
The PNC Financial Services Group, Inc. is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
CONTACTS:
MEDIA:
Marcey
Zwiebel
(412) 762-4550
media.relations@pnc.com
INVESTORS:
Bryan
Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE The PNC Financial Services Group, Inc.