Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3133, part of the Manufacturing sector) received 1,585 PPP loans totaling $262.9M during the COVID-19 pandemic.

The average loan for this industry was $165,892 — 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.

94.9% of loans in this industry were forgiven — totaling $261.0M. 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 FRONTIER YARNS, INC. of SANFORD, NC ($9,099,187); PRECISION FABRICS GROUP, INC of GREENSBORO, NC ($6,804,100); and SHAWMUT LLC of WEST BRIDGEWATER, MA ($6,614,000).

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 3133 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.