BOSTON (June 1, 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 June 1, 2021.
The following statistics are based on a sample of more than 380,000 PPP loans processed by Numerated for 100+ lenders across the U.S., representing nearly $49 billion in relief funds.
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 90,000 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 |
As of |
As of |
As of |
Weekly change from May 24 - June 1, 2021 |
|
Borrowers who have begun a Forgiveness application thus far |
57% | 57% | 57% | 58% |
+3% |
|
Borrowers who have submitted their Forgiveness application to lenders |
54% | 54% | 55% | 55% |
+3% |
|
Forgiveness applications submitted by lenders to SBA for review |
46% | 44% | 45% | 46% |
+4% |
|
Forgiveness applications the SBA has responded to |
43% | 42% | 42% | 43% |
+4% |
This table breaks down Forgiveness applications which have received a final response from the SBA, based on loan amount.
|
Percentage of SBA Responses |
New for the Week of |
Lifetime of Program |
|
<$50k |
62% |
60% |
|
$50k-$100k |
17% |
16% |
|
>$100k |
21% |
24% |
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 |
Lifetime of Program |
|
Borrowers applying |
87% |
89% |
|
Borrowers applying for |
13% |
11% |
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 |
Lifetime of Program |
|
Borrowers applying for partial Forgiveness due to EIDL Advances |
8% |
63% |
|
Borrowers applying for partial Forgiveness due to uncovered use of funds |
92% |
37% |
This table breaks down Forgiveness applications that borrowers have started on the Numerated platform, based on the SBA form they’ve chosen.
|
Forgiveness Applications |
New for the Week of |
Lifetime of Program |
|
3508 |
3% |
7% |
|
3508S |
87% |
67% |
|
3508EZ |
10% |
26% |
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: