Numerated Paycheck Protection Program Loan Forgiveness Data - September 2021

Written by Sal Trifilio | October 01, 2021

Approximately 65% of PPP borrowers have submitted applications to the SBA, with roughly 63% receiving full or partial Forgiveness

BOSTON (October 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 October 1, 2021.

The following statistics are based on a sample of more than 465,000 PPP loans processed by Numerated for 100+ lenders across the U.S., representing more than $56 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 November 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 September 1, 2021	As of October 1, 2021	Month-over-month change from August 1 - September 1, 2021
Borrowers who have begun a Forgiveness application thus far	70%	72%	+7%
Borrowers who have submitted their Forgiveness application to lenders	68%	71%	+7%
Forgiveness applications submitted by lenders to SBA for review	61%	65%	+9%
Forgiveness applications the SBA has responded to	60%	63%	+9%

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	September 2021	Lifetime of Program
<$50k	68%	63%
$50k-$100k	12%	14%
>$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	September 2021	Lifetime of Program
Borrowers applying for full Forgiveness	94%	94%
Borrowers applying for partial Forgiveness	6%	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	September 2021	Lifetime of Program
Borrowers applying for partial Forgiveness due to EIDL Advances	4%	57%
Borrowers applying for partial Forgiveness due to uncovered use of funds	96%	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	September 2021	Lifetime of Program
3508	3%	5%
3508S	88%	75%
3508EZ	9%	20%

Takeaways

The pace of Forgiveness slowed month-over-month for both borrowers and the SBA.

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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