Numerated Paycheck Protection Program Loan Forgiveness Data - Week of Jan. 11

Written by Sal Trifilio | January 11, 2021

Approximately 23% of PPP borrowers have submitted applications to the SBA, with roughly 19% receiving full or partial Forgiveness

BOSTON (January 11, 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 January 11, 2021.

The following statistics are based on a sample of more than 250,000 PPP loans processed by Numerated for 100 lenders across the U.S., representing $34.5 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 Dec. 21, 2020	As of Dec. 28, 2020	As of Jan. 4, 2021	As of Jan. 11, 2021	Weekly change from Jan. 4 - Jan. 11, 2021
Borrowers who have begun a Forgiveness application thus far	39%	41%	43%	45%	5%
Borrowers who have submitted their Forgiveness application to lenders	34%	35%	38%	39%	3%
Forgiveness applications submitted by lenders to SBA for review	18%	20%	21%	23%	10%
Forgiveness applications the SBA has responded to	13%	14%	15%	19%	27%

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 Jan. 4 - Jan. 11, 2021	Lifetime of Program
<$50k	70%	60%
$50k-$100k	15%	14%
>$100k	15%	26%

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 Jan. 4 - Jan. 11, 2021	Lifetime of Program
Borrowers applying for full Forgiveness	80%	79%
Borrowers applying for partial Forgiveness	20%	21%

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 Jan. 4 - Jan. 11, 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	81%	91%
Borrowers applying for partial Forgiveness due to uncovered use of funds	19%	9%

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 Jan. 4 - Jan. 11, 2021	Lifetime of Program
3508	11%	10%
3508S	54%	42%
3508EZ	35%	48%

Takeaways

The SBA went on a tear over the last week, increasing their response rate to Forgiveness requests by nearly 30 percent. This brings the SBA’s responses almost inline with lender submissions to this point in the program.
Lenders maintained a consistent pace of submission to the previous week’s report, while borrowers slowed.
Despite the massive volume of applications that received responses over the last week, we saw little changes elsewhere in our report. Borrowers continue to favor the light-weight Form 3508-EZ, the majority of borrowers applying for Forgiveness hold loans under $50K, and the overwhelming of Forgiveness Gaps continue to be caused by EIDL advances.

Numerated will release updated PPP Forgiveness data every Monday. For more information on Numerated or these insights, please contact marketing@numerated.com.

Read previous PPP Forgiveness Data reports:

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