Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3212, part of the Manufacturing sector) received 1,347 PPP loans totaling $356.4M during the COVID-19 pandemic.

The average loan for this industry was $264,599 — 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.

96.2% of loans in this industry were forgiven — totaling $356.5M. 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 TIMBER PRODUCTS COMPANY LP of SPRINGFIELD, OR ($10,000,000); SCOTCH PLYWOOD COMPANY, INC. of FULTON, AL ($5,753,200); and FRERES LUMBER CO. INC. of LYONS, OR ($5,740,235).

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 — wood products, paper, petroleum, plastics, and nonmetallic mineral manufacturing. — businesses in NAICS 3212 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.