49.3% of NY total
Avg: $114,502 per loan
$1.8B outstanding
93.7% forgiveness rate
PPP Program Overview: New York City, NY
Between April 2020 and May 2021, the U.S. Small Business Administration disbursed approximately 270,473 Paycheck Protection Program loans in the New York City metropolitan area, totaling $31.0B. These loans supported approximately 2.4M jobs in the local economy during the COVID-19 pandemic.
Of these loans, 253,433 (93.7%) were fully forgiven. However, 17,040 loans totaling $1.8B remain unforgiven and are potentially subject to SBA collection, Treasury offset, or DOJ enforcement action.
New York City is part of New York, which has a High 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 New York City
New York City is in a high-priority enforcement area. Major metro areas with high loan volumes and large average loan sizes attract concentrated DOJ and SBA OIG attention. Multiple qui tam (whistleblower) cases have been filed in federal courts covering the New York City area, and the SBA OIG maintains active field offices in the region.
The False Claims Act statute of limitations extends through 2030-2031 for PPP loans. This means new enforcement actions can still be initiated against New York City borrowers for several more years.
New York City vs. New York Average
Frequently Asked Questions: PPP in New York City
How many PPP loans were issued in New York City, NY?
New York City, New York received approximately 270,473 PPP loans totaling $31.0B between April 2020 and May 2021. The average loan size was $114,502, supporting approximately 2.4M jobs in the New York City metro area.
How many PPP loans in New York City were not forgiven?
Approximately 17,040 PPP loans in the New York City metro area (6.3% of total) were not forgiven, representing $1.8B in outstanding obligations. These borrowers may face Treasury collection actions or SBA enforcement.
What is the PPP enforcement risk in New York City?
New York City is in a "High" enforcement risk area. The DOJ PPP Strike Force and SBA OIG maintain active investigations in major metro areas. Borrowers in New York City with unforgiven loans or application discrepancies should be aware of ongoing enforcement activity through 2030-2031.
Can I still face a PPP audit in New York City 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. New York City borrowers remain at risk regardless of whether their loan was forgiven.
Are You at Risk?
17,040 New York City area borrowers have unforgiven PPP loans. Find out your specific risk level in under 3 minutes.
Other Cities in New York
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.