PNC Provides Coronavirus Relief, Announces Effort to Combat Systemic Racism

Michael Wood, Manager, Education & Workforce

PNC is doubling down on its philanthropic investment in the communities it serves as both North Texas and the country confront an unprecedented pandemic and renewed calls to end systemic racism.

In the face of severe economic hardship caused by the COVID-19 pandemic, PNC announced a $30 million charitable commitment to coronavirus relief across the bank’s national footprint. Locally, it committed $550,000 in grants and support from PNC and the PNC Foundation to leading nonprofit organizations in the Dallas Region. Funding has been directed to more than 15 nonprofits for emergent COVID-19 relief concentrated on basic needs, early childhood education, food and income insecurity, emergency shelter, and support for virtual learning to address the technology divide.

Notably, PNC contributed $100,000 to the United Way of Metropolitan Dallas’ Coronavirus Response and Recovery Fund, $50,000 to the Revive Dallas Small Businss Recovery Fund, and $50,000 to Childcare Group. Additional funding has gone to support City Square, the DISD Education Foundation, Get Shift Done, Momentous Institute, Educational First Steps, BonTon Farms, The Family Place, and many more.

In addition to COVID-19 relief, PNC recently announced a commitment of more than $1 billion to help end systemic racism and support economic empowerment of African Americans, and low- and moderate-income communities. The initiative will help eliminate systemic racism and promote social justice; expand financial education and workforce development initiatives; and enhance low-income neighborhood revitalization and affordable housing.

As outlined in the announcement, the majority of this commitment will come to life through PNC’s work in community development banking. PNC’s community development banking team works to boost the quality of life in low- and moderate-income neighborhoods through financial education, consumer programs, and community development lending and investing. PNC’s significant accomplishments in this space have earned the company an “Outstanding” rating under the Community Reinvestment Act since those rankings began more than 40 years ago. While its commitment to low- and moderate-income communities is not new, PNC is now approaching this work with a more deliberate focus on the African American community.

Both commitments continue to build on PNC’s strong philanthropic legacy. A long-standing supporter and corporate leader of advancing high-quality early childhood education, the company launched  PNC Grow Up Great® in 2004. This $500 million bilingual initiative helps prepare children from birth to age five for success in school and life.

PNC’s support for early childhood education has also translated to roughly $2 million in grants since 2017 to North Texas nonprofit organizations and initiatives focused on the issue. This lens is a a key part of the bank’s identity. In terms of COVID-19, PNC directed grant contributions to a number of early childhood education organizations, supporting needs for diapers, formula, digital thermometers, at-home learning materials, and distance learning technology. The assistance to early childhood education is especially timely, too, as the availability of childcare is critically important to efforts to re-start the economy.

“It’s critical we come together in support of our community to navigate the extensive challenges ahead,” said Brendan McGuire, PNC Regional President for North Texas and Dallas Regional Chamber Board Member. “PNC is committed to this work alongside many others to create equitable opportunities for success for all North Texans.”

PNC also extended support for its clients amid the pandemic. For those experiencing financial hardship, PNC extended grace periods for mortgage payments and consumer loans, waived late fees, halted evictions and foreclosures, and offered emergency assistance through small and mid-sized business loans, including the Paycheck Protection Program (PPP) established through the CARES Act.

As of May 1, PNC administered more than 70,000 PPP loans totaling $14 billion for its small business clients, who collectively employ more than one million individuals.