17.6% of TN total
Avg: $89,191 per loan
$121M outstanding
95.5% forgiveness rate
PPP Program Overview: Memphis, TN
Between April 2020 and May 2021, the U.S. Small Business Administration disbursed approximately 33,890 Paycheck Protection Program loans in the Memphis metropolitan area, totaling $3.0B. These loans supported approximately 267K jobs in the local economy during the COVID-19 pandemic.
Of these loans, 32,364 (95.5%) were fully forgiven. However, 1,526 loans totaling $121M remain unforgiven and are potentially subject to SBA collection, Treasury offset, or DOJ enforcement action.
Memphis is part of Tennessee, 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 Memphis
Memphis 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 Memphis borrowers for several more years.
Memphis vs. Tennessee Average
Frequently Asked Questions: PPP in Memphis
How many PPP loans were issued in Memphis, TN?
Memphis, Tennessee received approximately 33,890 PPP loans totaling $3.0B between April 2020 and May 2021. The average loan size was $89,191, supporting approximately 267K jobs in the Memphis metro area.
How many PPP loans in Memphis were not forgiven?
Approximately 1,526 PPP loans in the Memphis metro area (4.5% of total) were not forgiven, representing $121M in outstanding obligations. These borrowers may face Treasury collection actions or SBA enforcement.
What is the PPP enforcement risk in Memphis?
Memphis is in a "Medium" enforcement risk area. The DOJ PPP Strike Force and SBA OIG maintain active investigations in major metro areas. Borrowers in Memphis with unforgiven loans or application discrepancies should be aware of ongoing enforcement activity through 2030-2031.
Can I still face a PPP audit in Memphis 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. Memphis borrowers remain at risk regardless of whether their loan was forgiven.
Are You at Risk?
1,526 Memphis area borrowers have unforgiven PPP loans. Find out your specific risk level in under 3 minutes.
Other Cities in Tennessee
View all Tennessee 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.