Numerated Paycheck Protection Program Loan Forgiveness Data - Week of March 1

Sal Trifilio

March 01, 2021

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

PPP-Data-wk-of-3-1-21

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. 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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