Pittsburgh’s largest PPP lender opts out of SBA’s direct forgiveness portal — and it’s not alone – WPXI
PITTSBURGH — Pittsburgh’s biggest bank is using its own portal for PPP forgiveness applications instead of a newly launched one by the SBA where certain loan recipients can bypass their lenders.
“Considering we have already built a streamlined end-to-end digital portal and associated review process for your PPP Forgiveness application, we will be opting out of using the SBA’s forgiveness portal,” PNC Financial Services Group Inc. said on its website.
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The U.S. Small Business Administration, which manages the Paycheck Protection Program, debuted its direct forgiveness portal on August 4 for small businesses who received 2021 PPP loans of $150,000 or less. The aim was to streamline the process, eliminating back and forth between the lender and borrower and theoretically creating a faster route to free money.
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