Numerated Paycheck Protection Program Loan Forgiveness Data - Week of Jan. 11

Sal Trifilio

January 11, 2021

Approximately 23% of PPP borrowers have submitted applications to the SBA, with roughly 19% receiving full or partial Forgiveness

PPP-Data-wk-of-1-11-21

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
Dec. 21, 2020

As of
Dec. 28, 2020

As of
Jan. 4,
2021

As of
Jan. 11, 2021

Weekly change from Jan. 4 -
Jan. 11, 2021

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
by Loan Amount

New for the Week of  
Jan. 4 - Jan. 11, 2021

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  
Jan. 4 - Jan. 11, 2021

Lifetime of Program

Borrowers applying
for full Forgiveness

80%

79%

Borrowers applying for
partial Forgiveness

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  
Jan. 4 - Jan. 11, 2021

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
by Form Type

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.
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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