PPP Loan Data: Boston, MA
Paycheck Protection Program statistics for the Boston metro area. 103,806 loans disbursed, 5,087 unforgiven and potentially subject to enforcement.
Medium Enforcement Risk48.1% of MA total
Avg: $126,015 per loan
$576M outstanding
95.1% forgiveness rate
PPP Program Overview: Boston, MA
Between April 2020 and May 2021, the U.S. Small Business Administration disbursed approximately 103,806 Paycheck Protection Program loans in the Boston metropolitan area, totaling $13.1B. These loans supported approximately 1.0M jobs in the local economy during the COVID-19 pandemic.
Of these loans, 98,719 (95.1%) were fully forgiven. However, 5,087 loans totaling $576M remain unforgiven and are potentially subject to SBA collection, Treasury offset, or DOJ enforcement action.
Boston is part of Massachusetts, 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 Boston
Boston 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 Boston borrowers for several more years.
Boston vs. Massachusetts Average
Frequently Asked Questions: PPP in Boston
How many PPP loans were issued in Boston, MA?
Boston, Massachusetts received approximately 103,806 PPP loans totaling $13.1B between April 2020 and May 2021. The average loan size was $126,015, supporting approximately 1.0M jobs in the Boston metro area.
How many PPP loans in Boston were not forgiven?
Approximately 5,087 PPP loans in the Boston metro area (4.9% of total) were not forgiven, representing $576M in outstanding obligations. These borrowers may face Treasury collection actions or SBA enforcement.
What is the PPP enforcement risk in Boston?
Boston is in a "Medium" enforcement risk area. The DOJ PPP Strike Force and SBA OIG maintain active investigations in major metro areas. Borrowers in Boston with unforgiven loans or application discrepancies should be aware of ongoing enforcement activity through 2030-2031.
Can I still face a PPP audit in Boston in 2026?
Yes. The False Claims Act has a 6-10 year statute of limitations. Since PPP loans were issued in 2020-2021, enforcement actions can continue through 2030-2031. Boston borrowers remain at risk regardless of whether their loan was forgiven.
Are You at Risk?
5,087 Boston area borrowers have unforgiven PPP loans. Find out your specific risk level in under 3 minutes.
Other Cities in Massachusetts
View all Massachusetts 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.