For those doing proprietary search, I’m curious how many of you are using PPP data as part of your target list building? Most searchers I’ve spoken with are still building lists manually from marketplaces like bizbuysell, industry directories, LinkedIn,and broker referrals. The hard part is figuring out which companies are likely large enough, active, independent, and worth contacting. PPP data is interesting because it gives a rare public signal into private company size. Since PPP loans were generally tied to payroll, the loan amount can be used as a directional payroll proxy. When combined with industry payroll benchmarks, Google Maps reviews, employee estimates, websites, and location data, it can help estimate whether a business is likely too small, potentially acquisition-sized, or worth prioritizing for outreach. Obviously, it is not perfect. But as a sourcing signal, it can be very useful when combined with other public data. We put together a short market intelligence report on how PPP data and public business signals can be used to build more qualified off-market target lists. It covers: - how PPP can be used as a payroll proxy - how to convert payroll into directional revenue ranges - how to combine PPP with Google Maps and company signals - where the data is useful and where it breaks down - how this can help prioritize outreach If helpful, happy to share it with anyone doing proprietary search or building target lists by industry/geography.redacted