Numerated Paycheck Protection Program Loan Forgiveness Data - Week of April 12

Written by Sal Trifilio | April 12, 2021

Approximately 45% of PPP borrowers have submitted applications to the SBA, with roughly 43% receiving full or partial Forgiveness

BOSTON (April 12, 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 12, 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 22, 2021	As of March 29, 2021	As of April 5, 2021	As of April 12, 2021	Weekly change from April 5 - April 12, 2021
Borrowers who have begun a Forgiveness application thus far	55%	57%	58%	58%	+3%
Borrowers who have submitted their Forgiveness application to lenders	51%	53%	54%	55%	+3%
Forgiveness applications submitted by lenders to SBA for review	40%	43%	44%	45%	+5%
Forgiveness applications the SBA has responded to	35%	38%	41%	43%	+6%

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 April 5 - April 12, 2021	Lifetime of Program
<$50k	62%	60%
$50k-$100k	18%	15%
>$100k	20%	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 April 5 - April 12, 2021	Lifetime of Program
Borrowers applying for full Forgiveness	91%	86%
Borrowers applying for partial Forgiveness	9%	14%

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 April 5 - April 12, 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	21%	69%
Borrowers applying for partial Forgiveness due to uncovered use of funds	79%	31%

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 April 5 - April 12, 2021	Lifetime of Program
3508	4%	7%
3508S	86%	62%
3508EZ	10%	31%

Takeaways

Forgiveness slowed across the board over the last week, but the SBA did up its percentage of total borrowers responded to by another two percentage points.
A full 62 percent of all borrowers requesting Forgiveness over the last week sought Forgiveness for loans of less than $50,000. That’s up from 55 percent in the previous report.
Borrowers seeking full Forgiveness remained above 90 percent week-over-week with 96 percent of all borrowers taking advantage of Forms 3508S and 3508EZ.
Borrowers applying for partial Forgiveness due to EIDL advances remained low and, in fact, dropped to 21 percent down from 35 percent in the previous 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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