Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3221, part of the Manufacturing sector) received 545 PPP loans totaling $171.9M during the COVID-19 pandemic.

The average loan for this industry was $315,460 — 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 $169.2M. 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 MOHAWK FINE PAPERS INC of COHOES, NY ($10,000,000); THE PRICE COMPANIES, INC. of MONTICELLO, AR ($7,233,000); and WOODLAND PULP LLC of BAILEYVILLE, ME ($6,682,707).

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 3221 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.