Approximately 23% of PPP borrowers have submitted applications to the SBA, with roughly 19% receiving full or partial Forgiveness
BOSTON (January 11, 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 11, 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 |
As of |
As of |
As of |
Weekly change from Jan. 4 - |
|
Borrowers who have begun a Forgiveness application thus far |
39% |
41% |
43% |
45% |
5% |
|
Borrowers who have submitted their Forgiveness application to lenders |
34% |
35% |
38% |
39% |
3% |
|
Forgiveness applications submitted by lenders to SBA for review |
18% |
20% |
21% |
23% |
10% |
|
Forgiveness applications the SBA has responded to |
13% |
14% |
15% |
19% |
27% |
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 |
New for the Week of |
Lifetime of Program |
|
<$50k |
70% |
60% |
|
$50k-$100k |
15% |
14% |
|
>$100k |
15% |
26% |
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 |
Lifetime of Program |
|
Borrowers applying |
80% |
79% |
|
Borrowers applying for |
20% |
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 |
Lifetime of Program |
|
Borrowers applying for partial Forgiveness due to EIDL Advances |
81% |
91% |
|
Borrowers applying for partial Forgiveness due to uncovered use of funds |
19% |
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 |
New for the Week of Jan. 4 - Jan. 11, 2021 |
Lifetime of Program |
|
3508 |
11% |
10% |
|
3508S |
54% |
42% |
|
3508EZ |
35% |
48% |
Takeaways
- The SBA went on a tear over the last week, increasing their response rate to Forgiveness requests by nearly 30 percent. This brings the SBA’s responses almost inline with lender submissions to this point in the program.
- Lenders maintained a consistent pace of submission to the previous week’s report, while borrowers slowed.
- Despite the massive volume of applications that received responses over the last week, we saw little changes elsewhere in our report. Borrowers continue to favor the light-weight Form 3508-EZ, the majority of borrowers applying for Forgiveness hold loans under $50K, and the overwhelming of Forgiveness Gaps continue to be caused by EIDL advances.
Read previous PPP Forgiveness Data reports:
-
- Numerated Paycheck Protection Program Loan Forgiveness Data - Week of Jan. 4, 2021
- Numerated Paycheck Protection Program Loan Forgiveness Data - Week of Dec. 28, 2020
- Numerated Paycheck Protection Program Loan Forgiveness Data - Week of Dec. 21
- Numerated Paycheck Protection Program Loan Forgiveness Data - Week of Dec. 14
