Paycheck Protection Program (PPP) loans are guaranteed by the Small Business Administration (SBA) under the CARES Act.TULSA, Okla. – A Tulsa couple who fraudulently applied for approximately $2.7 million in Paycheck Protection Program Loans pleaded guilty this week in federal court, announced U.S. Attorney Clint Johnson. Paycheck Protection Program (PPP) loans are guaranteed by the Small Business Administration (SBA) under the CARES Act.