Numerated Paycheck Protection Program Loan Forgiveness Data

Approximately 48% of PPP borrowers have submitted applications to the SBA, with roughly 45% receiving full or partial Forgiveness

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BOSTON (April 26, 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 26, 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 April 5, 2021	As of April 12, 2021	As of April 19, 2021	As of April 26, 2021	Weekly change from April 19 - April 26, 2021
Borrowers who have begun a Forgiveness application thus far	58%	58%	60%	60%	+3%
Borrowers who have submitted their Forgiveness application to lenders	54%	55%	56%	57%	+3%
Forgiveness applications submitted by lenders to SBA for review	44%	45%	47%	48%	+4%
Forgiveness applications the SBA has responded to	41%	43%	44%	45%	+5%

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 19 - April 26, 2021	Lifetime of Program
<$50k	61%	60%
$50k-$100k	18%	15%
>$100k	21%	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 19 - April 26, 2021	Lifetime of Program
Borrowers applying for full Forgiveness	90%	87%
Borrowers applying for partial Forgiveness	10%	13%

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 19 - April 26, 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	14%	67%
Borrowers applying for partial Forgiveness due to uncovered use of funds	86%	33%

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 19 - April 26, 2021	Lifetime of Program
3508	4%	7%
3508S	85%	64%
3508EZ	11%	29%

Takeaways

Forgiveness has kept pace week over week, with trends continuing to show more borrowers taking advantage of simplified Forgiveness Form 3508S and fewer borrowers being left with Forgiveness gaps due to EIDL Advances.

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