Numerated Paycheck Protection Program Loan Forgiveness Data

Approximately 31% of PPP borrowers have submitted applications to the SBA, with roughly 26% receiving full or partial Forgiveness

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BOSTON (March 1, 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 March 1, 2021.

The following statistics are based on a sample of nearly 300,000 PPP loans processed by Numerated for 100+ lenders across the U.S., representing more than $40 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 our most recent PPP Forgiveness Data Report, thousands of new PPP loans have been added to the Numerated platform to be processed for Forgiveness. The new 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 Feb. 8, 2021	As of Feb. 15, 2021	As of Feb. 22, 2021	As of March 1, 2021	Weekly change from Feb. 22 - March 1, 2021
Borrowers who have begun a Forgiveness application thus far	46%	47%	48%	47%	+1%
Borrowers who have submitted their Forgiveness application to lenders	41%	42%	43%	42%	+2%
Forgiveness applications submitted by lenders to SBA for review	26%	27%	29%	31%	+12%
Forgiveness applications the SBA has responded to	23%	25%	26%	26%	+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 Feb. 22 - March 1, 2021	Lifetime of Program
<$50k	63%	59%
$50k-$100k	12%	14%
>$100k	25%	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. 22 - March 1, 2021	Lifetime of Program
Borrowers applying for full Forgiveness	82%	80%
Borrowers applying for partial Forgiveness	18%	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. 22 - March 1, 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	38%	83%
Borrowers applying for partial Forgiveness due to uncovered use of funds	62%	17%

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. 22 - March 1, 2021	Lifetime of Program
3508	NA	9%
3508S	NA	54%
3508EZ	NA	37%

Editor’s Note: With a hard shift coming to new simplified Forgiveness taking place this Friday, March 5, lenders using the Numerated platform have begun preparing borrowers for the new forms and processes associated with that change. This includes shifting eligible borrowers into the forms most appropriate for them, based on SBA guidance. We will be adjusting this report to accommodate the mandated changes to Forgiveness and have paused week-to-week reporting on this data in the interim. Check back for new data weekly, or register for an upcoming webinar for more information.

Takeaways

SBA mandated changes to Forgiveness will take place on Friday, March 5. These changes aim to make Forgiveness simpler and easier for borrowers to obtain—but it requires new forms and some changes in the lender process. As banks and credit unions prepare for this change over, the rate of new Forgiveness apps started on platform has predictably slowed.
The rate of Forgiveness submissions at all levels of the funnel is likely to rise as simplified Forgiveness is implemented.

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