Numerated Paycheck Protection Program Loan Forgiveness Data - Week of June 7

Written by Sal Trifilio | June 07, 2021

Approximately 46% of PPP borrowers have submitted applications to the SBA, with roughly 43% receiving full or partial Forgiveness

BOSTON (June 7, 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 7, 2021.

The following statistics are based on a sample of more than 390,000 PPP loans processed by Numerated for 100+ lenders across the U.S., representing nearly $50 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: With PPP Originations officially closed, lenders are turning their focus towards Forgiveness, with more and more choosing to make this process easy for borrowers by leveraging the Numerated platform. As a result, more than 100,000 new PPP loans have been added to our platform to be processed for Forgiveness in recent weeks. While new loans affect our funnel percentages, week-over-week percentages are based on raw totals and always remain consistent with each report.

PPP Loan Forgiveness Progress	As of May 17, 2021	As of May 24, 2021	As of June 1, 2021	As of June 7, 2021	Weekly change from June 1 - June 7, 2021
Borrowers who have begun a Forgiveness application thus far	57%	57%	58%	57%	+3%
Borrowers who have submitted their Forgiveness application to lenders	54%	55%	55%	55%	+3%
Forgiveness applications submitted by lenders to SBA for review	44%	45%	46%	46%	+3%
Forgiveness applications the SBA has responded to	42%	42%	43%	43%	+3%

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 June 1 - June 7, 2021	Lifetime of Program
<$50k	63%	60%
$50k-$100k	17%	16%
>$100k	20%	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 June 1 - June 7, 2021	Lifetime of Program
Borrowers applying for full Forgiveness	84%	90%
Borrowers applying for partial Forgiveness	16%	10%

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 June 1 - June 7, 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	7%	62%
Borrowers applying for partial Forgiveness due to uncovered use of funds	93%	38%

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 June 1 - June 7, 2021	Lifetime of Program
3508	3%	6%
3508S	68%	68%
3508EZ	26%	26%

Takeaways

The pace of Forgiveness remained consistent at 3% across borrowers, lenders, and the SBA.
Over the lifetime of the program, 9 out of 10 borrowers have had zero gap between the PPP funds they received and the amount that has been forgiven by the SBA.

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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