Numerated Paycheck Protection Program Loan Forgiveness Data - Week of Feb. 8

Sal Trifilio

Sal Trifilio

February 08, 2021

Approximately 26% of PPP borrowers have submitted applications to the SBA, with roughly 23% receiving full or partial Forgiveness

PPP-Data-wk-of-2-8-21

BOSTON (February 8, 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 February 8, 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.

PPP Loan Forgiveness Progress

As of
Jan. 18, 2021

As of
Jan. 25, 2021

As of
Feb. 1, 2021

As of
Feb. 8, 2021

Weekly change from Feb. 1 -
Feb. 8, 2021

Borrowers who have begun a Forgiveness application thus far 

41% 44% 45% 46%

+2%

Borrowers who have submitted their Forgiveness application to lenders

36% 38% 39% 41%

+3%

Forgiveness applications submitted by lenders to SBA for review

22% 23% 24% 26%

+6%

Forgiveness applications the SBA has responded to

18% 20% 22% 23%

+5%



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  
Feb. 1 - Feb. 8, 2021

Lifetime of Program

<$50k

59%

59%

$50k-$100k

14%

14%

>$100k

27%

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  
Feb. 1 - Feb. 8, 2021

Lifetime of Program

Borrowers applying
for full Forgiveness

80%

80%

Borrowers applying for
partial Forgiveness

20%

20%

 

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  
Feb. 1 - Feb. 8, 2021

Lifetime of Program

Borrowers applying for partial Forgiveness due to EIDL Advances

72%

88%

Borrowers applying for partial Forgiveness due to uncovered use of funds

28%

12%

 

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   Feb. 1 - Feb. 8, 2021

Lifetime of Program

3508

10%

10%

3508S

64%

45%

3508EZ

26%

45%

 


Takeaways

  • As the switch the simplified Forgiveness takes place, borrowers are holding tight and waiting for direction from their lenders. This week, we see this reflected in the rate at which borrowers are starting and completing new Forgiveness apps on the Numerated platform.
  • Despite submitting fewer requests for Forgiveness, lenders and the SBA continued their consistent pace of submitting and responding to these requests.
  • Form 3508S--the form that is likely to be used or modified for simplified Forgiveness--is now tied as the most used Forgiveness application on the platform, and will be the most dominant app used by next week if the current pace continues. The light-weight form is favored by borrowers and on average can be completed about 33 percent faster than the 3508EZ application.
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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