Numerated Paycheck Protection Program Loan Forgiveness Data - Week of Feb. 22

Sal Trifilio

February 22, 2021

Approximately 29% of PPP borrowers have submitted applications to the SBA, with roughly 26% receiving full or partial Forgiveness

PPP-Data-wk-of-2-22-21

BOSTON (February 22, 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 22, 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
Feb. 1, 2021

As of
Feb. 8,  2021

As of
Feb. 15, 2021

As of
Feb. 22, 2021

Weekly change from Feb. 15 -
Feb. 22, 2021

Borrowers who have begun a Forgiveness application thus far 

45% 46% 47% 48%

+2%

Borrowers who have submitted their Forgiveness application to lenders

39% 41% 42% 43%

+2%

Forgiveness applications submitted by lenders to SBA for review

24% 26% 27% 29%

+5%

Forgiveness applications the SBA has responded to

22% 23% 25% 26%

+4%



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. 15- Feb. 22, 2021

Lifetime of Program

<$50k

59%

59%

$50k-$100k

13%

14%

>$100k

28%

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. 15 - Feb. 22, 2021

Lifetime of Program

Borrowers applying
for full Forgiveness

77%

80%

Borrowers applying for
partial Forgiveness

23%

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. 15 - Feb. 22, 2021

Lifetime of Program

Borrowers applying for partial Forgiveness due to EIDL Advances

25%

84%

Borrowers applying for partial Forgiveness due to uncovered use of funds

75%

16%

 

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. 15 - Feb. 22, 2021

Lifetime of Program

3508

10%

10%

3508S

63%

46%

3508EZ

27%

44%

 


Takeaways

  • The pace of Forgiveness has once again slowed, a trend that is likely to continue until the hard cutover is made to simplified Forgiveness next week. For more information and insights on the changes coming to Forgiveness, register for Tuesday or Friday webinars.
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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