Numerated Paycheck Protection Program Loan Forgiveness Data - Week of March 15

Sal Trifilio

March 15, 2021

Approximately 33% of PPP borrowers have submitted applications to the SBA, with roughly 29% receiving full or partial Forgiveness

PPP-Data-wk-of-3-15-21

BOSTON (March 15, 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 15, 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. 22, 2021

As of
March 1,  2021

As of
March 8, 2021

As of
March 15, 2021

Weekly change from March 8 -
March 15, 2021

Borrowers who have begun a Forgiveness application thus far 

48% 47% 47% 50%

+7%

Borrowers who have submitted their Forgiveness application to lenders

43% 42% 43% 46%

+8%

Forgiveness applications submitted by lenders to SBA for review

29% 31% 31% 33%

+9%

Forgiveness applications the SBA has responded to

26% 26% 29% 29%

+3%



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 8 - March 15, 2021

Lifetime of Program

<$50k

61%

60%

$50k-$100k

19%

13%

>$100k

20%

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 8 - March 15, 2021

Lifetime of Program

Borrowers applying
for full Forgiveness

81%

81%

Borrowers applying for
partial Forgiveness

19%

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 8 - March 15, 2021

Lifetime of Program

Borrowers applying for partial Forgiveness due to EIDL Advances

29%

80%

Borrowers applying for partial Forgiveness due to uncovered use of funds

71%

20%

 

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 8 - March 15, 2021

Lifetime of Program

3508

3%

8%

3508S

91%

57%

3508EZ

6%

35%


Takeaways

  • With new, simplified Forgiveness forms now widely available, borrowers have considerably picked up the pace when it comes to starting and submitting their PPP Forgiveness applications. As of today, a full 50 percent of all borrowers have begun their application on the Numerated platform.
  • Lenders also increased the rate at which they submit borrowers’ applications to the SBA, accelerating their pace by 9 percent.
  • With simplified Forgiveness making borrowers with loans up to $150,000 eligible for Form 3508S (vs borrowers with up to $50,000 loans prior to simplified Forgiveness), the form is the overwhelming favorite for borrowers. Over the last week, 91 percent of borrowers that started a loan on the Numerated platform leveraged Form 3508S.
  • Borrowers applying for partial forgiveness due to EIDL Advances are down by nearly 40 percent. The 29 percent of borrowers who applied for partial Forgiveness due to their EIDL Advances is the lowest percentage recorded since our Feb. 22 report.
Numerated will release updated PPP Forgiveness data every Monday. For more information on Numerated or these insights, please contact marketing@numerated.com.

Contact Us

Read previous PPP Forgiveness Data reports:

Featured Demo

PPP-Doc-Upload_Resource(2)-1050x750

Popular

New

Attract more relationships, faster

Contact Us