Numerated Paycheck Protection Program Loan Forgiveness Data - Week of April 26

Sal Trifilio

April 26, 2021

Approximately 48% of PPP borrowers have submitted applications to the SBA, with roughly 45% receiving full or partial Forgiveness

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

BOSTON (April 26, 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 26, 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
April 5, 2021

As of
April 12,  2021

As of
April 19, 2021

As of
April 26, 2021

Weekly change from April 19 - April 26, 2021

Borrowers who have begun a Forgiveness application thus far 

58% 58% 60% 60%

+3%

Borrowers who have submitted their Forgiveness application to lenders

54% 55% 56% 57%

+3%

Forgiveness applications submitted by lenders to SBA for review

44% 45% 47% 48%

+4%

Forgiveness applications the SBA has responded to

41% 43% 44% 45%

+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 19 - April 26, 2021

Lifetime of Program

<$50k

61%

60%

$50k-$100k

18%

15%

>$100k

21%

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 19 - April 26, 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 19 - April 26, 2021

Lifetime of Program

Borrowers applying for partial Forgiveness due to EIDL Advances

14%

67%

Borrowers applying for partial Forgiveness due to uncovered use of funds

86%

33%

 

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 19 - April 26, 2021

Lifetime of Program

3508

4%

7%

3508S

85%

64%

3508EZ

11%

29%


Takeaways

  • Forgiveness has kept pace week over week, with trends continuing to show more borrowers taking advantage of simplified Forgiveness Form 3508S and fewer borrowers being left with Forgiveness gaps due to EIDL Advances.


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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