Numerated Paycheck Protection Program Loan Forgiveness Data - Week of April 5

Sal Trifilio

April 05, 2021

Approximately 44% of PPP borrowers have submitted applications to the SBA, with roughly 41% receiving full or partial Forgiveness

PPP-Data-wk-of-4-5-21

BOSTON (April 5, 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 April 5, 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 15, 2021

As of
March 22,  2021

As of
March 29, 2021

As of
April 5, 2021

Weekly change from March 29 -
April 5, 2021

Borrowers who have begun a Forgiveness application thus far 

50% 55% 57% 58%

+3%

Borrowers who have submitted their Forgiveness application to lenders

46% 51% 53% 54%

+4%

Forgiveness applications submitted by lenders to SBA for review

33% 40% 43% 44%

+6%

Forgiveness applications the SBA has responded to

29% 35% 38% 41%

+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 29 - April 5, 2021

Lifetime of Program

<$50k

55%

60%

$50k-$100k

17%

15%

>$100k

28%

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 29 - April 5, 2021

Lifetime of Program

Borrowers applying
for full Forgiveness

93%

85%

Borrowers applying for
partial Forgiveness

7%

15%

 

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 29 - April 5, 2021

Lifetime of Program

Borrowers applying for partial Forgiveness due to EIDL Advances

35%

71%

Borrowers applying for partial Forgiveness due to uncovered use of funds

65%

29%

 

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 29 - April 5, 2021

Lifetime of Program

3508

4%

7%

3508S

87%

62%

3508EZ

9%

31%


Takeaways

  • The pace of Forgiveness is holding steady week-over-week, with the SBA responding to another 10 percent of Forgiveness requests. With last week’s batch of responses, the SBA has officially responded to 40 percent of all PPP Forgiveness requests.
  • With originations extended last week for another two months, lenders will now have to juggle both sides of PPP when they thought they might have time to focus on Forgiveness alone.
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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