Numerated Paycheck Protection Program Loan Forgiveness Data - Week of Feb. 15

Sal Trifilio

February 15, 2021

Approximately 27% of PPP borrowers have submitted applications to the SBA, with roughly 25% receiving full or partial Forgiveness

PPP-Data-wk-of-2-15-21

BOSTON (February 15, 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 15, 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. 25, 2021

As of
Feb. 1,  2021

As of
Feb. 8, 2021

As of
Feb. 15, 2021

Weekly change from Feb. 8 -
Feb. 15, 2021

Borrowers who have begun a Forgiveness application thus far 

44% 45% 46% 47%

+2%

Borrowers who have submitted their Forgiveness application to lenders

38% 39% 41% 42%

+3%

Forgiveness applications submitted by lenders to SBA for review

23% 24% 26% 27%

+5%

Forgiveness applications the SBA has responded to

20% 22% 23% 25%

+10%



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. 8 - Feb. 15, 2021

Lifetime of Program

<$50k

65%

59%

$50k-$100k

13%

14%

>$100k

22%

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. 8 - Feb. 15, 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. 8 - Feb. 15, 2021

Lifetime of Program

Borrowers applying for partial Forgiveness due to EIDL Advances

33%

85%

Borrowers applying for partial Forgiveness due to uncovered use of funds

67%

15%

 

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. 8 - Feb. 15, 2021

Lifetime of Program

3508

11%

9%

3508S

60%

46%

3508EZ

28%

45%

 


Takeaways

  • A quarter of all borrowers who have submitted a request for Forgiveness on the Numerated platform have now received a final response from the SBA. This accounts for more than 71,000 PPP loans which have now been Forgiven for a total of more than $9.2B.
  • Most Forgiveness activity is now taking place on the SBA’s side of the table. As lenders and their borrowers prepare for the official transition to simplified Forgiveness in March, the SBA has continued it’s higher response rate and nearly doubled its momentum week over week.
  • Form 3508S continues to be the overwhelmingly preferred Forgiveness form for eligible borrowers on the platform. The light-weight form is now the most used form on platform, a trend we’ve been tracking for weeks.
  • Forgiveness Gaps caused by EIDL advances fell dramatically, week over week. The lifetime percentage of Forgiveness Gaps caused by EIDL is now at an all-time low, at 85 percent.
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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