Numerated Paycheck Protection Program Loan Forgiveness Data - June 2021

Sal Trifilio

July 01, 2021

Approximately 50% of PPP borrowers have submitted applications to the SBA, with roughly 47% receiving full or partial Forgiveness

PPP-Data-June21

BOSTON (July 1, 2021) -- Numerated, the fast-growing fintech making business banking easy for financial institutions and their clients, is releasing insights on the Forgiveness process for the Small Business Administration (SBA) Paycheck Protection Program (PPP) as of July 1, 2021.

The following statistics are based on a sample of more than 421,000 PPP loans processed by Numerated for 100+ lenders across the U.S., representing nearly $53 billion in relief funds.

Editor's Note: The Numerated Forgiveness Data Report has been moved from a weekly to a monthly basis. Check back on August 1 for updated data.


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
June 1, 2021

As of
July 1, 2021

Month-over-month
change from June 1 - July 1, 2021

Borrowers who have begun a Forgiveness application thus far 

58% 60%

+16%

Borrowers who have submitted their Forgiveness application to lenders

55% 58%

+16%

Forgiveness applications submitted by lenders to SBA for review

46% 50%

+20%

Forgiveness applications the SBA has responded to

43% 47%

+20%


 

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

June 2021

Lifetime of Program

<$50k

65%

61%

$50k-$100k

14%

15%

>$100k

21%

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

June 2021

Lifetime of Program

Borrowers applying
for full Forgiveness

96%

91%

Borrowers applying for
partial Forgiveness

4%

9%

 

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

June 2021

Lifetime of Program

Borrowers applying for partial Forgiveness due to EIDL Advances

21%

61%

Borrowers applying for partial Forgiveness due to uncovered use of funds

79%

39%

 

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

June 2021

Lifetime of Program

3508

3%

6%

3508S

88%

70%

3508EZ

9%

24%


Takeaways

  • As of July 1, a full 50 percent of borrowers have submitted a Forgiveness application to the SBA for review.
  • The number of applications lenders have submitted to the SBA, as well as the number of responses the SBA has provided to borrowers, both increased by a 20 percent clip in June.


Numerated will release updated PPP Forgiveness data on the first of each month. 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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