Numerated Paycheck Protection Program Loan Forgiveness Data - Week of March 8

Sal Trifilio

March 08, 2021

Approximately 31% of PPP borrowers have submitted applications to the SBA, with roughly 29% receiving full or partial Forgiveness

PPP-Data-wk-of-3-8-21

BOSTON (March 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 March 8, 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 Feb. 22 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. 15, 2021

As of
Feb. 22,  2021

As of
March 1, 2021

As of
March 8, 2021

Weekly change from March 1 -
March 8, 2021

Borrowers who have begun a Forgiveness application thus far 

47% 48% 47% 47%

+2%

Borrowers who have submitted their Forgiveness application to lenders

42% 43% 42% 43%

+2%

Forgiveness applications submitted by lenders to SBA for review

27% 29% 31% 31%

+1%

Forgiveness applications the SBA has responded to

25% 26% 26% 29%

+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  
March 1 - March 8, 2021

Lifetime of Program

<$50k

65%

60%

$50k-$100k

11%

13%

>$100k

24%

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  
March 1 - March 8, 2021

Lifetime of Program

Borrowers applying
for full Forgiveness

85%

81%

Borrowers applying for
partial Forgiveness

15%

19%

 

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  
March 1 - March 8, 2021

Lifetime of Program

Borrowers applying for partial Forgiveness due to EIDL Advances

48%

83%

Borrowers applying for partial Forgiveness due to uncovered use of funds

52%

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
March 1 - March 8, 2021

Lifetime of Program

3508

5%

8%

3508S

81%

55%

3508EZ

14%

37%


Takeaways

  • When the last stimulus package was passed at the end of 2020, Congress mandated that the SBA “simplify” Forgiveness. A part of that process involved modifying Forms 3508, 3508EZ, and 3508S. While these updated Forgiveness forms have been available since January, a hard cutover via the SBA’s API took place on March 5, marking the official end of traditional Forgiveness and the start of simplified Forgiveness. In the lead up to March 5, lenders using the Numerated platform generally paused all Forgiveness processes with their borrowers, accounting for the non-movement on the borrower and lender side of our PPP Forgiveness funnel. The SBA, however, did not stop responding to applications over the last week, and approved another 10 percent of requests awaiting final response.
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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