Numerated Paycheck Protection Program Loan Forgiveness Data - Week of March 29

Sal Trifilio

March 29, 2021

Approximately 43% of PPP borrowers have submitted applications to the SBA, with roughly 38% receiving full or partial Forgiveness

PPP-Data-wk-of-3-29-21

BOSTON (March 29, 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 29, 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 about $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.

PPP Loan Forgiveness Progress

As of
March 8, 2021

As of
March 15,  2021

As of
March 22, 2021

As of
March 29, 2021

Weekly change from March 22 -
March 29, 2021

Borrowers who have begun a Forgiveness application thus far 

47% 50% 55% 57%

+4%

Borrowers who have submitted their Forgiveness application to lenders

43% 46% 51% 53%

+4%

Forgiveness applications submitted by lenders to SBA for review

31% 33% 40% 43%

+8%

Forgiveness applications the SBA has responded to

29% 29% 35% 38%

+9%



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 22 - March 29, 2021

Lifetime of Program

<$50k

63%

60%

$50k-$100k

21%

15%

>$100k

16%

25%



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 22 - March 29, 2021

Lifetime of Program

Borrowers applying
for full Forgiveness

94%

84%

Borrowers applying for
partial Forgiveness

6%

16%

 

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 22 - March 29, 2021

Lifetime of Program

Borrowers applying for partial Forgiveness due to EIDL Advances

30%

73%

Borrowers applying for partial Forgiveness due to uncovered use of funds

70%

27%

 

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 22 - March 29, 2021

Lifetime of Program

3508

4%

8%

3508S

87%

61%

3508EZ

9%

31%


Takeaways

  • Forgiveness continues to pick up pace with the SBA approving another nine percent of borrower’s requests, and bringing the total percentage of loans forgiven up to nearly 40 percent.
  • Borrowers continue to benefit from updates to Forgiveness that ensures fewer gaps that small businesses would have to repay. For the second straight week, 94 percent of all borrowers who applied for Forgiveness requested to have their entire loan forgiven.
  • Forgiveness gaps due to EIDL Advances are down to 30 percent over the last week; a metric that could push lower thanks to simplified Forgiveness.
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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