Numerated Paycheck Protection Program Loan Forgiveness Data

Approximately 44% of PPP borrowers have submitted applications to the SBA, with roughly 41% receiving full or partial Forgiveness

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BOSTON (April 5, 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 April 5, 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 about $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.

PPP Loan Forgiveness Progress	As of March 15, 2021	As of March 22, 2021	As of March 29, 2021	As of April 5, 2021	Weekly change from March 29 - April 5, 2021
Borrowers who have begun a Forgiveness application thus far	50%	55%	57%	58%	+3%
Borrowers who have submitted their Forgiveness application to lenders	46%	51%	53%	54%	+4%
Forgiveness applications submitted by lenders to SBA for review	33%	40%	43%	44%	+6%
Forgiveness applications the SBA has responded to	29%	35%	38%	41%	+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 March 29 - April 5, 2021	Lifetime of Program
<$50k	55%	60%
$50k-$100k	17%	15%
>$100k	28%	25%

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 29 - April 5, 2021	Lifetime of Program
Borrowers applying for full Forgiveness	93%	85%
Borrowers applying for partial Forgiveness	7%	15%

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 29 - April 5, 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	35%	71%
Borrowers applying for partial Forgiveness due to uncovered use of funds	65%	29%

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 29 - April 5, 2021	Lifetime of Program
3508	4%	7%
3508S	87%	62%
3508EZ	9%	31%

Takeaways

The pace of Forgiveness is holding steady week-over-week, with the SBA responding to another 10 percent of Forgiveness requests. With last week’s batch of responses, the SBA has officially responded to 40 percent of all PPP Forgiveness requests.
With originations extended last week for another two months, lenders will now have to juggle both sides of PPP when they thought they might have time to focus on Forgiveness alone.

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