4.1% of CO total
Avg: $104,238 per loan
$36M outstanding
95.1% forgiveness rate
PPP Program Overview: Boulder, CO
Between April 2020 and May 2021, the U.S. Small Business Administration disbursed approximately 7,933 Paycheck Protection Program loans in the Boulder metropolitan area, totaling $827M. These loans supported approximately 67K jobs in the local economy during the COVID-19 pandemic.
Of these loans, 7,544 (95.1%) were fully forgiven. However, 389 loans totaling $36M remain unforgiven and are potentially subject to SBA collection, Treasury offset, or DOJ enforcement action.
Boulder is part of Colorado, which has a Medium enforcement risk classification. The DOJ PPP Strike Force operates nationally, with particular focus on major metropolitan areas where loan volumes and dollar amounts are highest.
Enforcement Risk in Boulder
Boulder has moderate PPP enforcement activity. While not among the highest-priority metros, the DOJ and SBA OIG maintain active investigations in this area. Borrowers with loans over $150,000 or those with discrepancies in their applications should be particularly vigilant.
The False Claims Act statute of limitations extends through 2030-2031 for PPP loans. This means new enforcement actions can still be initiated against Boulder borrowers for several more years.
Boulder vs. Colorado Average
Frequently Asked Questions: PPP in Boulder
How many PPP loans were issued in Boulder, CO?
Boulder, Colorado received approximately 7,933 PPP loans totaling $827M between April 2020 and May 2021. The average loan size was $104,238, supporting approximately 67K jobs in the Boulder metro area.
How many PPP loans in Boulder were not forgiven?
Approximately 389 PPP loans in the Boulder metro area (4.9% of total) were not forgiven, representing $36M in outstanding obligations. These borrowers may face Treasury collection actions or SBA enforcement.
What is the PPP enforcement risk in Boulder?
Boulder is in a "Medium" enforcement risk area. The DOJ PPP Strike Force and SBA OIG maintain active investigations in major metro areas. Borrowers in Boulder with unforgiven loans or application discrepancies should be aware of ongoing enforcement activity through 2030-2031.
Can I still face a PPP audit in Boulder in 2026?
Yes. The 2022 PPP and Bank Fraud Enforcement Harmonization Act extended the statute of limitations for PPP fraud to 10 years. Since PPP loans were issued in 2020-2021, enforcement actions can continue through 2030-2031. Boulder borrowers remain at risk regardless of whether their loan was forgiven.
Are You at Risk?
389 Boulder area borrowers have unforgiven PPP loans. Find out your specific risk level in under 3 minutes.
Other Cities in Colorado
View all Colorado data →Data Sources: U.S. Small Business Administration PPP Data Reports, PandemicOversight.gov, U.S. Treasury Department. Metro-area estimates derived from state-level data with population-weighted distribution. Last updated May 2026.