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.
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 |
As of |
As of |
As of |
Weekly change from Feb. 15 - |
|
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% |
This table breaks down Forgiveness applications which have received a final response from the SBA, based on loan amount.
|
Percentage of SBA Responses |
New for the Week of |
Lifetime of Program |
|
<$50k |
59% |
59% |
|
$50k-$100k |
13% |
14% |
|
>$100k |
28% |
27% |
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 |
Lifetime of Program |
|
Borrowers applying |
77% |
80% |
|
Borrowers applying for |
23% |
20% |
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 |
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% |
This table breaks down Forgiveness applications that borrowers have started on the Numerated platform, based on the SBA form they’ve chosen.
|
Forgiveness Applications |
New for the Week of |
Lifetime of Program |
|
3508 |
10% |
10% |
|
3508S |
63% |
46% |
|
3508EZ |
27% |
44% |
Read previous PPP Forgiveness Data reports: