Numerated Paycheck Protection Program Loan Forgiveness Data - October 2021

Written by Sal Trifilio | November 01, 2021

Approximately 72% of PPP borrowers have submitted applications to the SBA, with roughly 71% receiving full or partial Forgiveness

BOSTON (November 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 November 1, 2021.

The following statistics are based on a sample of more than 469,000 PPP loans processed by Numerated for 100+ lenders across the U.S., representing nearly $57 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 or around December 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 October 1, 2021	As of November 1, 2021	Month-over-month change from October 1 - November 1, 2021
Borrowers who have begun a Forgiveness application thus far	72%	78%	+8%
Borrowers who have submitted their Forgiveness application to lenders	71%	77%	+8%
Forgiveness applications submitted by lenders to SBA for review	65%	72%	+11%
Forgiveness applications the SBA has responded to	63%	71%	+11%

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	October 2021	Lifetime of Program
<$50k	33%	60%
$50k-$100k	6%	14%
>$100k	61%	26%

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	October 2021	Lifetime of Program
Borrowers applying for full Forgiveness	96%	94%
Borrowers applying for partial Forgiveness	4%	6%

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	October 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	3%	57%
Borrowers applying for partial Forgiveness due to uncovered use of funds	94%	43%

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	October 2021	Lifetime of Program
3508	3%	5%
3508S	87%	76%
3508EZ	10%	19%

Takeaways

The pace of Forgiveness slightly picked up, month over month, for both borrowers and the SBA.
As of Nov. 1, more than 70% of PPP borrowers have received a final response from the SBA on their Forgiveness request.
While Forgiveness requests for PPP loans totaling $100K or more only make up about a quarter of all loans on platform over the lifetime of the program, in October they accounted for more than 60 percent of requests.

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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