Numerated Paycheck Protection Program Loan Forgiveness Data - Week of March 15

Written by Sal Trifilio | March 15, 2021

Approximately 33% of PPP borrowers have submitted applications to the SBA, with roughly 29% receiving full or partial Forgiveness

BOSTON (March 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 March 15, 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.

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.

Editor’s Note: Since our Feb. 22 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 Feb. 22, 2021	As of March 1, 2021	As of March 8, 2021	As of March 15, 2021	Weekly change from March 8 - March 15, 2021
Borrowers who have begun a Forgiveness application thus far	48%	47%	47%	50%	+7%
Borrowers who have submitted their Forgiveness application to lenders	43%	42%	43%	46%	+8%
Forgiveness applications submitted by lenders to SBA for review	29%	31%	31%	33%	+9%
Forgiveness applications the SBA has responded to	26%	26%	29%	29%	+3%

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 March 8 - March 15, 2021	Lifetime of Program
<$50k	61%	60%
$50k-$100k	19%	13%
>$100k	20%	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 March 8 - March 15, 2021	Lifetime of Program
Borrowers applying for full Forgiveness	81%	81%
Borrowers applying for partial Forgiveness	19%	19%

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 March 8 - March 15, 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	29%	80%
Borrowers applying for partial Forgiveness due to uncovered use of funds	71%	20%

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 March 8 - March 15, 2021	Lifetime of Program
3508	3%	8%
3508S	91%	57%
3508EZ	6%	35%

Takeaways

With new, simplified Forgiveness forms now widely available, borrowers have considerably picked up the pace when it comes to starting and submitting their PPP Forgiveness applications. As of today, a full 50 percent of all borrowers have begun their application on the Numerated platform.
Lenders also increased the rate at which they submit borrowers’ applications to the SBA, accelerating their pace by 9 percent.
With simplified Forgiveness making borrowers with loans up to $150,000 eligible for Form 3508S (vs borrowers with up to $50,000 loans prior to simplified Forgiveness), the form is the overwhelming favorite for borrowers. Over the last week, 91 percent of borrowers that started a loan on the Numerated platform leveraged Form 3508S.
Borrowers applying for partial forgiveness due to EIDL Advances are down by nearly 40 percent. The 29 percent of borrowers who applied for partial Forgiveness due to their EIDL Advances is the lowest percentage recorded since our Feb. 22 report.

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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