Numerated Paycheck Protection Program Loan Forgiveness Data - Week of April 19

Sal Trifilio

Sal Trifilio

April 19, 2021

Approximately 47% of PPP borrowers have submitted applications to the SBA, with roughly 44% receiving full or partial Forgiveness

PPP-Data-wk-of-4-19-21

BOSTON (April 19, 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 19, 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 29, 2021

As of
April 5,  2021

As of
April 12, 2021

As of
April 19, 2021

Weekly change from April 12 - April 19, 2021

Borrowers who have begun a Forgiveness application thus far 

57% 58% 58% 60%

+3%

Borrowers who have submitted their Forgiveness application to lenders

53% 54% 55% 56%

+3%

Forgiveness applications submitted by lenders to SBA for review

43% 44% 45% 47%

+5%

Forgiveness applications the SBA has responded to

38% 41% 43% 44%

+5%



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 12 - April 19, 2021

Lifetime of Program

<$50k

59%

60%

$50k-$100k

19%

15%

>$100k

22%

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 12 - April 19, 2021

Lifetime of Program

Borrowers applying
for full Forgiveness

90%

87%

Borrowers applying for
partial Forgiveness

10%

13%

 

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 12 - April 19, 2021

Lifetime of Program

Borrowers applying for partial Forgiveness due to EIDL Advances

17%

68%

Borrowers applying for partial Forgiveness due to uncovered use of funds

83%

32%

 

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 12 - April 19, 2021

Lifetime of Program

3508

4%

7%

3508S

86%

63%

3508EZ

10%

30%


Takeaways

  • A full 60 percent of borrowers have now at least begun a Forgiveness application on the Numerated platform.
  • All other trend lines--including the pace of Forgiveness across borrowers, lenders and the SBA; the breakdown of form types; and the breakdown of loan amounts--remain largely unchanged week over week.


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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