Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3115, part of the Manufacturing sector) received 2,997 PPP loans totaling $491.6M during the COVID-19 pandemic.

The average loan for this industry was $164,020 — above the national PPP average of approximately $67,000. This reflects the relatively large size of many businesses in this sector, which tend to have higher payroll costs and more employees.

94.4% of loans in this industry were forgiven — totaling $488.6M. To qualify for forgiveness, borrowers had to demonstrate that they maintained headcount and compensation levels and used at least 60% of loan proceeds for payroll expenses.

Notable recipients in this industry include FOREMOST FARMS USA, COOPERATIVE of BARABOO, WI ($10,000,000); ASSOCIATED MILK PRODUCERS INC of NEW ULM, MN ($10,000,000); and AGRIMARK, INC. of ANDOVER, MA ($10,000,000).

The loan amount distribution for this industry shows a more even spread across loan sizes, suggesting a mix of small and mid-sized businesses. Because borrower names are withheld for loans under $150,000, a substantial portion of recipients in this industry may not appear by name in this dataset.

As part of the broader Manufacturing sector — chemical, industrial, commercial, and consumer product manufacturing. — businesses in NAICS 3115 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.