Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3314, part of the Manufacturing sector) received 871 PPP loans totaling $273.5M during the COVID-19 pandemic.

The average loan for this industry was $314,047 — 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.

96.6% of loans in this industry were forgiven — totaling $272.4M. 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 THE INDIUM CORPORATION OF AMERICA of CLINTON, NY ($10,000,000); REA MAGNET WIRE COMPANY, INC. of FORT WAYNE, IN ($9,282,870); and ULBRICH STAINLESS STEELS & SPECIAL METALS, INC of NORTH HAVEN, CT ($5,365,500).

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 — metal, machinery, computer, electrical, transportation, and furniture manufacturing. — businesses in NAICS 3314 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.