Numerated Paycheck Protection Program Loan Forgiveness Data - Week of April 12

Sal Trifilio

April 12, 2021

Approximately 45% of PPP borrowers have submitted applications to the SBA, with roughly 43% receiving full or partial Forgiveness

PPP-Data-wk-of-4-12-21

BOSTON (April 12, 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 12, 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 22, 2021

As of
March 29,  2021

As of
April 5, 2021

As of
April 12, 2021

Weekly change from April 5 - April 12, 2021

Borrowers who have begun a Forgiveness application thus far 

55% 57% 58% 58%

+3%

Borrowers who have submitted their Forgiveness application to lenders

51% 53% 54% 55%

+3%

Forgiveness applications submitted by lenders to SBA for review

40% 43% 44% 45%

+5%

Forgiveness applications the SBA has responded to

35% 38% 41% 43%

+6%



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  
April 5 - April 12, 2021

Lifetime of Program

<$50k

62%

60%

$50k-$100k

18%

15%

>$100k

20%

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  
April 5 - April 12, 2021

Lifetime of Program

Borrowers applying
for full Forgiveness

91%

86%

Borrowers applying for
partial Forgiveness

9%

14%

 

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  
April 5 - April 12, 2021

Lifetime of Program

Borrowers applying for partial Forgiveness due to EIDL Advances

21%

69%

Borrowers applying for partial Forgiveness due to uncovered use of funds

79%

31%

 

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
April 5 - April 12, 2021

Lifetime of Program

3508

4%

7%

3508S

86%

62%

3508EZ

10%

31%


Takeaways

  • Forgiveness slowed across the board over the last week, but the SBA did up its percentage of total borrowers responded to by another two percentage points.
  • A full 62 percent of all borrowers requesting Forgiveness over the last week sought Forgiveness for loans of less than $50,000. That’s up from 55 percent in the previous report.
  • Borrowers seeking full Forgiveness remained above 90 percent week-over-week with 96 percent of all borrowers taking advantage of Forms 3508S and 3508EZ.
  • Borrowers applying for partial Forgiveness due to EIDL advances remained low and, in fact, dropped to 21 percent down from 35 percent in the previous 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