Numerated Paycheck Protection Program Loan Forgiveness Data - August 2021

Written by Sal Trifilio | September 01, 2021

Approximately 61% of PPP borrowers have submitted applications to the SBA, with roughly 60% receiving full or partial Forgiveness

BOSTON (September 1, 2021)—Numerated, the fast-growing fintech making business banking easy for financial institutions and their clients, is releasing insights on the Forgiveness process for the Small Business Administration (SBA) Paycheck Protection Program (PPP) as of September 1, 2021.

The following statistics are based on a sample of more than 455,000 PPP loans processed by Numerated for 100+ lenders across the U.S., representing more than $55 billion in relief funds.

Editor's Note: The Numerated Forgiveness Data Report has been moved from a weekly to a monthly basis. Check back on October 1 for updated data.

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 August 1, 2021	As of September 1, 2021	Month-over-month change from August 1 - September 1, 2021
Borrowers who have begun a Forgiveness application thus far	66%	70%	+12%
Borrowers who have submitted their Forgiveness application to lenders	63%	68%	+13%
Forgiveness applications submitted by lenders to SBA for review	55%	61%	+17%
Forgiveness applications the SBA has responded to	54%	60%	+17%

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	August 2021	Lifetime of Program
<$50k	67%	62%
$50k-$100k	13%	15%
>$100k	20%	23%

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	August 2021	Lifetime of Program
Borrowers applying for full Forgiveness	96%	93%
Borrowers applying for partial Forgiveness	4%	7%

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	August 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	9%	58%
Borrowers applying for partial Forgiveness due to uncovered use of funds	91%	42%

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	August 2021	Lifetime of Program
3508	4%	6%
3508S	85%	74%
3508EZ	11%	20%

Takeaways

A full 60 percent of borrowers have submitted a Forgiveness request and received a final response from the SBA.
The pace of Forgiveness largely stayed consistent, month over month, with lenders submitted Forgiveness requests at a slightly faster clip and the SBA responding at a similar pace.

Numerated will release updated PPP Forgiveness data on the first of each month. For more information on Numerated or these insights, please contact marketing@numerated.com.

Read previous PPP Forgiveness Data reports:

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