Here’s why these big Pittsburgh banks paused PPP loan forgiveness

PITTSBURGH — Some of Pittsburgh’s largest banks have put Paycheck Protection Program loan forgiveness processing on hold — anticipating it will resume next month as the current $284 billion application filing goes down to the wire.

PNC Financial Services Group Inc., Citizens Financial Group and F.N.B. Corp. all confirmed on Monday that they’ve paused, but each offered slightly different explanations.

Actually, there are a couple of issues, Steven Smith, a shareholder at law firm Buchanan Ingersoll & Rooney PC, pointed out. Many banks aren’t set up yet to accept the SBA’s new one-page forgiveness applications for loans under $150,000 and some borrowers in the over $2 million loan bracket are waiting to see if there’s enhanced guidance/possible changes on the necessity questionnaire.

Read more from our partners at The Pittsburgh Business Times.