Numerated Paycheck Protection Program Loan Forgiveness Data - Week of Feb. 15

Written by Sal Trifilio | February 15, 2021

Approximately 27% of PPP borrowers have submitted applications to the SBA, with roughly 25% receiving full or partial Forgiveness

BOSTON (February 15, 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 15, 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. 25, 2021	As of Feb. 1, 2021	As of Feb. 8, 2021	As of Feb. 15, 2021	Weekly change from Feb. 8 - Feb. 15, 2021
Borrowers who have begun a Forgiveness application thus far	44%	45%	46%	47%	+2%
Borrowers who have submitted their Forgiveness application to lenders	38%	39%	41%	42%	+3%
Forgiveness applications submitted by lenders to SBA for review	23%	24%	26%	27%	+5%
Forgiveness applications the SBA has responded to	20%	22%	23%	25%	+10%

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. 8 - Feb. 15, 2021	Lifetime of Program
<$50k	65%	59%
$50k-$100k	13%	14%
>$100k	22%	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. 8 - Feb. 15, 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. 8 - Feb. 15, 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	33%	85%
Borrowers applying for partial Forgiveness due to uncovered use of funds	67%	15%

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. 8 - Feb. 15, 2021	Lifetime of Program
3508	11%	9%
3508S	60%	46%
3508EZ	28%	45%

Takeaways

A quarter of all borrowers who have submitted a request for Forgiveness on the Numerated platform have now received a final response from the SBA. This accounts for more than 71,000 PPP loans which have now been Forgiven for a total of more than $9.2B.
Most Forgiveness activity is now taking place on the SBA’s side of the table. As lenders and their borrowers prepare for the official transition to simplified Forgiveness in March, the SBA has continued it’s higher response rate and nearly doubled its momentum week over week.
Form 3508S continues to be the overwhelmingly preferred Forgiveness form for eligible borrowers on the platform. The light-weight form is now the most used form on platform, a trend we’ve been tracking for weeks.
Forgiveness Gaps caused by EIDL advances fell dramatically, week over week. The lifetime percentage of Forgiveness Gaps caused by EIDL is now at an all-time low, at 85 percent.

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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