Numerated Paycheck Protection Program Loan Forgiveness Data

Approximately 22% of PPP borrowers have submitted applications to the SBA, with roughly 18% receiving full or partial Forgiveness

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BOSTON (January 18, 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 18, 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 more than $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.

Editor’s Note: Since the last PPP Forgiveness Data Report, dozens of new customers have added their PPP loans to the Numerated platform to process Forgiveness for their borrowers. These additional loans have somewhat suppressed reported percentages in the funnel below, however trends in week-over-week change remain consistent.

PPP Loan Forgiveness Progress	As of Dec. 28, 2020	As of Jan. 4, 2021	As of Jan. 11, 2021	As of Jan. 18, 2021	Weekly change from Jan. 11 - Jan. 19, 2021
Borrowers who have begun a Forgiveness application thus far	41%	43%	45%	41%	+5%
Borrowers who have submitted their Forgiveness application to lenders	35%	38%	39%	36%	+5%
Forgiveness applications submitted by lenders to SBA for review	20%	21%	23%	22%	+8%
Forgiveness applications the SBA has responded to	14%	15%	19%	18%	+6%

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. 11 - Jan. 18, 2021	Lifetime of Program
<$50k	54%	59%
$50k-$100k	14%	14%
>$100k	32%	27%

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. 11 - Jan. 18, 2021	Lifetime of Program
Borrowers applying for full Forgiveness	78%	79%
Borrowers applying for partial Forgiveness	22%	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. 11 - Jan. 18, 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	70%	90%
Borrowers applying for partial Forgiveness due to uncovered use of funds	30%	10%

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. 11 - Jan. 18, 2021	Lifetime of Program
3508	10%	10%
3508S	60%	43%
3508EZ	30%	47%

Takeaways

The SBA has slowed the rate at which they respond to Forgiveness requests, after the spike seen in the previous PPP Forgiveness Data report. This is likely due to the reopening of the PPP for a new round of lending, as well as coming changes to the Forgiveness process. As a reminder, the SBA is expected to release guidance on simplified Forgiveness on Wednesday, Jan. 20.
Borrowers continue to favor Form 3508S for Forgiveness requests. The light-weight form represented the large majority of all new apps started on the Numerated platform.

Numerated will release updated PPP Forgiveness data every Monday. For more information on Numerated or these insights, please contact marketing@numerated.com.