Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3262, part of the Manufacturing sector) received 2,055 PPP loans totaling $541.6M during the COVID-19 pandemic.

The average loan for this industry was $263,554 — 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.

93.6% of loans in this industry were forgiven — totaling $531.7M. 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 GITI TIRE MANUFACTURING (USA) LTD of RICHBURG, SC ($7,944,600); ECORE INTERNATIONAL INC of LANCASTER, PA ($7,638,177); and POLYMER ENTERPRISES, INC. of INDIANA, PA ($7,590,810).

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 3262 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.