Key Aspects of Paycheck Protection Program
(PPP) Loan Data
SBA Values Transparency, Protecting Taxpayer Funds, and
Protecting Proprietary Information of Small Businesses
In releasing PPP loan data to the public, SBA is maintaining a balance between providing transparency to
American taxpayers and protecting small businesses’ confidential business information, such as payroll, and
personally identifiable information. Small businesses are the driving force of American economic stability and
are essential to America economic rebound from the pandemic. SBA is committed to ensuring that any
release of PPP loan data does not harm small businesses or their employees.
PPP Is A Delegated Loan Making Process
PPP loans are not made by SBA. PPP loans are made by lending institutions and then guaranteed by SBA.
Accordingly, borrowers apply to lenders and self-certify that they are eligible for PPP loans. The self-
certification includes a good faith certification that the borrower has economic need requiring the loan and
that the borrower has applied the affiliation rules and is a small business. The lender then reviews the
borrower’s application, and if all the paperwork is in order, approves the loan and submits it to SBA.
PPP Loan Data Is Not Indicative of Loan Forgiveness or Program
Compliance
A small business or non-profit organization that is listed in the publicly released data has been approved for a
PPP loan by a delegated lender. However, the lender’s approval does not reflect a determination by SBA that
the borrower is eligible for a PPP loan or entitled to loan forgiveness. All PPP loans are subject to SBA review
and all loans over $2 million will automatically be reviewed. Because a borrower is listed in the data as having
a PPP loan does not mean that SBA has determined that the borrower complied with program rules or is
eligible to receive a PPP loan and loan forgiveness. Further, a small business’s receipt of a PPP loan should
not be interpreted as an endorsement of the small business’ business activity or business model.