No, it is not literal as far as returning to the starting point. But actually a "loop" in English can also mean an arc that is not a complete circle, but enough of a circle to make you think of a circle. I am thinking as an example a "loop" of film from the old-style film-projectors. The "loop" would be pulled around different rollers, and travel in an arc, or several arcs, but would not return to the starting point. So when I hear this expression it means to me that some information is traveling in a set path from one person to another.

In the loop means 'el meollo de la cuestión'. 'El fondo de una cosa'. It means that in Spanish. By the way, you should change where it says 'Para aprender'. Instead of Spanish then it should say English. =)

When you are 'in the loop' it means that you get important news/information straight away and are involved in important decisions. You can ask someone to 'keep me in the loop' - it means keep me informed.

If the translation is literal, meaning "en el bucle." A "bucle" is something that turns around to return to its initial position

Estar a la onda, tener conocimiento de lo último en algo.