Approximately 16% of PPP borrowers have submitted applications to the SBA, with roughly 12% receiving full or partial forgiveness
BOSTON (December 14, 2020) -- 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 December 14, 2020.
The following statistics are based on a sample of more than 250,000 PPP loans processed by Numerated for 100 lenders across the U.S., representing $34.5 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 |
As of |
As of |
As of |
Weekly change from |
|
Borrowers who have begun a Forgiveness application thus far |
23% |
28% |
32% |
36% |
13% |
|
Borrowers who have submitted their Forgiveness application to lenders |
19% |
24% |
27% |
31% |
15% |
|
Forgiveness applications submitted by lenders to SBA for review |
10% |
11% |
14% |
16% |
14% |
|
Forgiveness applications the SBA has responded to |
5% |
7% |
9% |
12% |
33% |
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 |
New for the Week of |
Lifetime of Program |
|
<$50k |
62% |
57% |
|
$50k-$100k |
13% |
13% |
|
>$100k |
25% |
30% |
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 |
Lifetime of Program |
|
Borrowers applying |
79% |
79% |
|
Borrowers applying for |
21% |
21% |
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 |
Lifetime of Program |
|
Borrowers applying for partial Forgiveness due to EIDL Advances |
50% |
84% |
|
Borrowers applying for partial Forgiveness due to uncovered use of funds |
50% |
16% |
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 |
Lifetime of Program |
|
3508 |
9% |
10% |
|
3508S |
55% |
38% |
|
3508EZ |
36% |
52% |
Takeaways
- SBA responses are accelerating. Last week the SBA responded to 10% of all PPP loans uploaded to the Numerated platform for Forgiveness.
- While most Forgiveness Gaps are caused by EIDL, that percentage is shrinking. Last week only 50% of Forgiveness Gaps could be attributed to EIDL compared to 77% last week.
- Form 3508S continues to comprise a significant portion of new Forgiveness applications started by borrowers, as the form is proven to reduce the time and burden on both borrowers and lenders.
Numerated will release updated PPP Forgiveness data every Monday. For more information on Numerated or these insights, please contact marketing@numerated.com.
