Numerated Paycheck Protection Program Loan Forgiveness Data - Week of Jan. 4

Sal Trifilio

January 04, 2021

Approximately 21% of PPP borrowers have submitted applications to the SBA, with roughly 15% receiving full or partial Forgiveness

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BOSTON (January 4, 2021) -- Numerated, the business lending technology company, is releasing insights on the Forgiveness process for the Small Business Administration (SBA) Paycheck Protection Program (PPP) as of January 4, 2021.

The following statistics are based on a sample of more than 250,000 PPP loans processed by Numerated for 100 lenders across the U.S., representing $34.5 billion in relief funds.

PPP Forgiveness Funnel

The table below is a comprehensive look at Forgiveness applications as they make their way from the borrower, to lenders, to the SBA and back, through the Numerated platform.

PPP Loan Forgiveness Progress

As of
Dec. 14, 2020

As of
Dec. 21, 2020

As of
Dec. 28, 2020

As of
Jan. 4, 2021

Weekly change from
Dec. 28, 2020 -
Jan. 4, 2021

Borrowers who have begun a Forgiveness application thus far 

36%

39%

41%

43%

10%

Borrowers who have submitted their Forgiveness application to lenders

31%

34%

35%

38%

12%

Forgiveness applications submitted by lenders to SBA for review

16%

18%

20%

21%

17%

Forgiveness applications the SBA has responded to

12%

13%

14%

15%

7%



SBA Forgiveness Responses by Loan Amount

This table breaks down Forgiveness applications which have received a final response from the SBA, based on loan amount.

Percentage of SBA Responses
by Loan Amount

New for the Week of 
Dec. 28, 2020 -
Jan. 4, 2021

Lifetime of Program

<$50k

54%

57%

$50k-$100k

16%

13%

>$100k

30%

30%



Borrowers Applying for Full vs Partial Forgiveness

This table breaks down Forgiveness applications based on how much Forgiveness a borrower is applying for, categorized by those that have applied full Forgiveness and those who have applied for partial Forgiveness.

Full vs Partial Forgiveness Applications

New for the Week of 
Dec. 28, 2020 -
Jan. 4, 2021

Lifetime of Program

Borrowers applying
for full Forgiveness

79%

79%

Borrowers applying for
partial Forgiveness

21%

21%

 

Borrowers Applying for Partial Forgiveness

For borrowers applying for partial Forgiveness, this table breaks down the percentage of partial Forgiveness requests due to EIDL Advances vs uncovered use of funds.

Partial Forgiveness Applications

New for the Week of 
Dec. 28, 2020 -
Jan. 4, 2021

Lifetime of Program

Borrowers applying for partial Forgiveness due to EIDL Advances

77%

91%

Borrowers applying for partial Forgiveness due to uncovered use of funds

23%

9%

 

Applications by Form Type

This table breaks down Forgiveness applications that borrowers have started on the Numerated platform, based on the SBA form they’ve chosen.

Forgiveness Applications
by Form Type

New for the Week of
Dec. 21 - Dec. 28

Lifetime of Program

3508

12%

10%

3508S

55%

41%

3508EZ

33%

49%

 


Takeaways

  • Borrowers and lenders took the holiday break to start and submit their Forgiveness applications, as we saw an increased rate of activity toward the top of the Forgiveness funnel. While Borrowers started applications at a faster rate and lenders got them to the SBA at an equally accelerated clip, the SBA maintained their pace of responses.
  • The percentage of borrowers applying for partial Forgiveness due to EIDL Advances is up to 77 percent from 59 percent in our previous report. This tracks with the larger overall trend where the large majority of Forgiveness gaps are caused by EIDL Advances. The recently passed stimulus legislation will likely impact this trend.
  • New applications started by borrowers continue to be weighted towards the light-weight Form 3508S. As this trend continues we expect to see this form account for more than the current 41% of all applications that have been started by borrowers.
Numerated will release updated PPP Forgiveness data every Monday. For more information on Numerated or these insights, please contact marketing@numerated.com.

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Read previous PPP Forgiveness Data reports:

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