Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3132, part of the Manufacturing sector) received 1,493 PPP loans totaling $256.0M during the COVID-19 pandemic.

The average loan for this industry was $171,477 — 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.

95.4% of loans in this industry were forgiven — totaling $254.7M. 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 PENDLETON WOOLEN MILLS, INC. of PORTLAND, OR ($8,674,605); CV INDUSTRIES, INC. of VALDESE, NC ($8,575,727); and NICOLON CORPORATION of PENDERGRASS, GA ($8,320,785).

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 3132 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.