Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3121, part of the Manufacturing sector) received 14,060 PPP loans totaling $1.62B during the COVID-19 pandemic.

The average loan for this industry was $115,060 — 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.

98.1% of loans in this industry were forgiven — totaling $1.61B. 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 COCA-COLA BOTTLING COMPANY HIGH COUNTRY of RAPID CITY, SD ($9,116,300); OZARKS COCA-COLA/DR PEPPER BOTTLING COMPANY of SPRINGFIELD, MO ($8,257,534); and VITAL PHARMACEUTICALS INC of WESTON, FL ($8,141,000).

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 3121 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.