This study examines the impact of information frictions from demographic bias, financial institution access, and digital literacy on PPP (Paycheck Protection Program) loan disbursement and finds statistically significant positive relationships between approved PPP loan amounts and various indicators, including White Owner Ratio, Finance and Insurance Firm per 1000 Capita and Internet Subscription Ratio. The result of this study has significant implications for government social aid programs, as the finding that information frictions affect access to PPP loans can potentially inform policymakers in designing future social aid programs ensuring equitable distribution of resources. The study also provides unique perspectives on government social aid programs. While most aid programs have an elaborate qualification process and often suffer from awareness issue, the PPP had a first-come, first-serve design and did not suffer from awareness issues. In fact, the first allocated funds were exhausted in just two weeks, as small businesses rushed to secure the funds. The expansion of the PPPLF also allows us to analyze the impact of information frictions factors pre- and post-expansion. Specifically, the decrease in the absolute value of the financial institution access coefficient value shows how the government intervention impacted the PPP loan disbursement. It appears that the importance of financial institution access during the post-expansion period decreased, possibly due to participation of non-tradition lenders during the post-expansion period.