WP_Query posts_per_page Only Bringing Back one post

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Looks like you might be missing the wp_reset_postdata() in here. The WordPress codex shows you need to have a wp_reset_postdata() after your while loop.

Here’s WordPress’ example (which even has the posts_per_page defined): 

<?php
// example args
$args = array( 'posts_per_page' => 3 );

// the query
$the_query = new WP_Query( $args );
?>

<?php if ( $the_query->have_posts() ) : ?>

    <!-- start of the loop -->
    <?php while ( $the_query->have_posts() ) : $the_query->the_post(); ?>
        <?php the_title(); ?>
        <?php the_excerpt(); ?>
    <?php endwhile; ?><!-- end of the loop -->

    <!-- put pagination functions here -->
    <?php wp_reset_postdata(); ?>

<?php else:  ?>

<p><?php _e( 'Sorry, no posts matched your criteria.' ); ?></p>

<?php endif; ?>

http://codex.wordpress.org/Function_Reference/wp_reset_postdata