PITTSBURGH — More than 70,500 Paycheck Protection Program loans totaling $14 billion were processed by the U.S. Small Business Administration through PNC, according to the company.
PNC officials said in a news release that the businesses are estimated to employ more than 1 million people.
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Eighty-five percent of the loans processed through PNC were for nonprofits, sole proprietors and independent contractors with less than $5 million in annual revenue. About 79% of the loans were for $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.
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 operates in 19 states and the District of Columbia.
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