BOSTON (March 1, 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 March 1, 2021.
The following statistics are based on a sample of nearly 300,000 PPP loans processed by Numerated for 100+ lenders across the U.S., representing more than $40 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.
Editor’s Note: Since our most recent PPP Forgiveness Data Report, thousands of new PPP loans have been added to the Numerated platform to be processed for Forgiveness. The new loans have somewhat suppressed reported percentages in the funnel below, however trends in week-over-week change remain consistent.
|
PPP Loan Forgiveness Progress |
As of |
As of |
As of |
As of |
Weekly change from Feb. 22 - |
|
Borrowers who have begun a Forgiveness application thus far |
46% | 47% | 48% | 47% |
+1% |
|
Borrowers who have submitted their Forgiveness application to lenders |
41% | 42% | 43% | 42% |
+2% |
|
Forgiveness applications submitted by lenders to SBA for review |
26% | 27% | 29% | 31% |
+12% |
|
Forgiveness applications the SBA has responded to |
23% | 25% | 26% | 26% |
+6% |
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 |
63% |
59% |
|
$50k-$100k |
12% |
14% |
|
>$100k |
25% |
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 |
82% |
80% |
|
Borrowers applying for |
18% |
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 |
38% |
83% |
|
Borrowers applying for partial Forgiveness due to uncovered use of funds |
62% |
17% |
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 |
NA |
9% |
|
3508S |
NA |
54% |
|
3508EZ |
NA |
37% |
Editor’s Note: With a hard shift coming to new simplified Forgiveness taking place this Friday, March 5, lenders using the Numerated platform have begun preparing borrowers for the new forms and processes associated with that change. This includes shifting eligible borrowers into the forms most appropriate for them, based on SBA guidance. We will be adjusting this report to accommodate the mandated changes to Forgiveness and have paused week-to-week reporting on this data in the interim. Check back for new data weekly, or register for an upcoming webinar for more information.
Read previous PPP Forgiveness Data reports: