Numerated Paycheck Protection Program Loan Forgiveness Data - Week of May 24

Sal Trifilio

May 24, 2021

Approximately 45% of PPP borrowers have submitted applications to the SBA, with roughly 42% receiving full or partial Forgiveness

PPP-Data-wk-of-5-24-21

BOSTON (May 24, 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 May 24, 2021.

The following statistics are based on a sample of more than 370,000 PPP loans processed by Numerated for 100+ lenders across the U.S., representing more than $48 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.

Editor’s Note: As PPP Originations wind down and lenders turn their focus towards Forgiveness, more and more are choosing to make this process easier for their borrowers by leveraging the Numerated platform. As a result, more than 80,000 new PPP loans have been added to our platform to be processed for Forgiveness. While new loans affect our funnel percentages, week-over-week percentages are based on raw totals and remain consistent with each report.

PPP Loan Forgiveness Progress

As of
May 3, 2021

As of
May 10,  2021

As of
May 17, 2021

As of
May 24, 2021

Weekly change from May 17 - May 24, 2021

Borrowers who have begun a Forgiveness application thus far 

56% 57% 57% 57%

+3%

Borrowers who have submitted their Forgiveness application to lenders

53% 54% 54% 55%

+3%

Forgiveness applications submitted by lenders to SBA for review

45% 46% 44% 45%

+4%

Forgiveness applications the SBA has responded to

42% 43% 42% 42%

+4%



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  
May 17 - May 24, 2021

Lifetime of Program

<$50k

56%

60%

$50k-$100k

15%

16%

>$100k

29%

24%



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  
May 17 - May 24, 2021

Lifetime of Program

Borrowers applying
for full Forgiveness

88%

89%

Borrowers applying for
partial Forgiveness

12%

11%

 

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  
May 17 - May 24, 2021

Lifetime of Program

Borrowers applying for partial Forgiveness due to EIDL Advances

13%

64%

Borrowers applying for partial Forgiveness due to uncovered use of funds

87%

36%

 

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
May 17 - May 24, 2021

Lifetime of Program

3508

4%

7%

3508S

86%

67%

3508EZ

10%

26%


Takeaways

  • After a flurry of action last week, borrowers have slowed the pace at which they're starting and submitting apps to their lenders by two-thirds. Over the last week, borrowers started and submitted apps at just a 3% clip.


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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