Numerated Paycheck Protection Program Loan Forgiveness Data - Week of Jan. 18

Sal Trifilio

January 18, 2021

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

PPP-Data-wk-of-1-18-21

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.

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Read previous PPP Forgiveness Data reports:

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