Numerated Paycheck Protection Program Loan Forgiveness Data

Approximately 44% of PPP borrowers have submitted applications to the SBA, with roughly 42% receiving full or partial Forgiveness

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BOSTON (May 17, 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 May 17, 2021.

The following statistics are based on a sample of more than 360,000 PPP loans processed by Numerated for 100+ lenders across the U.S., representing more than $47 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: As PPP Originations wind down and lenders turn their focus towards Forgiveness, more and more are choosing to make this process easier for their borrowers by leveraging the Numerated platform. As a result, more than 70,000 new PPP loans have been added to our platform to be processed for Forgiveness. While new loans affect our funnel percentages, week-over-week percentages are based on raw totals and remain consistent with each report.

PPP Loan Forgiveness Progress	As of April 26, 2021	As of May 3, 2021	As of May 10, 2021	As of May 17, 2021	Weekly change from May 10 - May 17, 2021
Borrowers who have begun a Forgiveness application thus far	60%	56%	57%	57%	+9%
Borrowers who have submitted their Forgiveness application to lenders	57%	53%	54%	54%	+9%
Forgiveness applications submitted by lenders to SBA for review	48%	45%	46%	44%	+4%
Forgiveness applications the SBA has responded to	45%	42%	43%	42%	+4%

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 May 10 - May 17, 2021	Lifetime of Program
<$50k	60%	60%
$50k-$100k	18%	16%
>$100k	22%	24%

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 May 10 - May 17, 2021	Lifetime of Program
Borrowers applying for full Forgiveness	90%	89%
Borrowers applying for partial Forgiveness	10%	11%

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 May 10 - May 17, 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	8%	64%
Borrowers applying for partial Forgiveness due to uncovered use of funds	92%	36%

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 May 10 - May 17, 2021	Lifetime of Program
3508	3%	7%
3508S	88%	66%
3508EZ	9%	27%

Takeaways

Borrowers picked up the pace at which they start Forgiveness applications and submit them to lenders for review. On both counts, borrowers more than doubled the rate at which they started and submitted apps.
Lenders and the SBA remained consistent in the rate at which they submitted and reviewed requests, respectively. On both fronts, processing rates remained at 4 percent each.

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