Numerated Paycheck Protection Program Loan Forgiveness Data

Approximately 26% of PPP borrowers have submitted applications to the SBA, with roughly 23% receiving full or partial Forgiveness

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BOSTON (February 8, 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 February 8, 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 more than $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 Jan. 18, 2021	As of Jan. 25, 2021	As of Feb. 1, 2021	As of Feb. 8, 2021	Weekly change from Feb. 1 - Feb. 8, 2021
Borrowers who have begun a Forgiveness application thus far	41%	44%	45%	46%	+2%
Borrowers who have submitted their Forgiveness application to lenders	36%	38%	39%	41%	+3%
Forgiveness applications submitted by lenders to SBA for review	22%	23%	24%	26%	+6%
Forgiveness applications the SBA has responded to	18%	20%	22%	23%	+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 Feb. 1 - Feb. 8, 2021	Lifetime of Program
<$50k	59%	59%
$50k-$100k	14%	14%
>$100k	27%	27%

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 Feb. 1 - Feb. 8, 2021	Lifetime of Program
Borrowers applying for full Forgiveness	80%	80%
Borrowers applying for partial Forgiveness	20%	20%

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 Feb. 1 - Feb. 8, 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	72%	88%
Borrowers applying for partial Forgiveness due to uncovered use of funds	28%	12%

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 Feb. 1 - Feb. 8, 2021	Lifetime of Program
3508	10%	10%
3508S	64%	45%
3508EZ	26%	45%

Takeaways

As the switch the simplified Forgiveness takes place, borrowers are holding tight and waiting for direction from their lenders. This week, we see this reflected in the rate at which borrowers are starting and completing new Forgiveness apps on the Numerated platform.
Despite submitting fewer requests for Forgiveness, lenders and the SBA continued their consistent pace of submitting and responding to these requests.
Form 3508S--the form that is likely to be used or modified for simplified Forgiveness--is now tied as the most used Forgiveness application on the platform, and will be the most dominant app used by next week if the current pace continues. The light-weight form is favored by borrowers and on average can be completed about 33 percent faster than the 3508EZ application.

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