Numerated Paycheck Protection Program Loan Forgiveness Data

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

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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.