Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3118, part of the Manufacturing sector) received 21,279 PPP loans totaling $1.56B during the COVID-19 pandemic.

The average loan for this industry was $73,493 — above the national PPP average of approximately $67,000. This reflects the small business character of most participants in this industry, typically sole proprietors and micro-businesses with modest payroll obligations.

89.3% of loans in this industry were forgiven — totaling $1.51B. 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 JOY CONE COMPANY of HERMITAGE, PA ($10,000,000); SCHWEBEL BAKING COMPANY of YOUNGSTOWN, OH ($10,000,000); and WHITEHALL, INC. of CINCINNATI, OH ($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 3118 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.