Numerated Paycheck Protection Program Loan Forgiveness Data

Approximately 29% of PPP borrowers have submitted applications to the SBA, with roughly 26% receiving full or partial Forgiveness

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BOSTON (February 22, 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 22, 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 Feb. 1, 2021	As of Feb. 8, 2021	As of Feb. 15, 2021	As of Feb. 22, 2021	Weekly change from Feb. 15 - Feb. 22, 2021
Borrowers who have begun a Forgiveness application thus far	45%	46%	47%	48%	+2%
Borrowers who have submitted their Forgiveness application to lenders	39%	41%	42%	43%	+2%
Forgiveness applications submitted by lenders to SBA for review	24%	26%	27%	29%	+5%
Forgiveness applications the SBA has responded to	22%	23%	25%	26%	+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 Feb. 15- Feb. 22, 2021	Lifetime of Program
<$50k	59%	59%
$50k-$100k	13%	14%
>$100k	28%	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. 15 - Feb. 22, 2021	Lifetime of Program
Borrowers applying for full Forgiveness	77%	80%
Borrowers applying for partial Forgiveness	23%	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. 15 - Feb. 22, 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	25%	84%
Borrowers applying for partial Forgiveness due to uncovered use of funds	75%	16%

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. 15 - Feb. 22, 2021	Lifetime of Program
3508	10%	10%
3508S	63%	46%
3508EZ	27%	44%

Takeaways

The pace of Forgiveness has once again slowed, a trend that is likely to continue until the hard cutover is made to simplified Forgiveness next week.

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