Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3341, part of the Manufacturing sector) received 2,071 PPP loans totaling $438.2M during the COVID-19 pandemic.

The average loan for this industry was $211,569 — 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.

92.9% of loans in this industry were forgiven — totaling $422.9M. 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 DATADIRECT NETWORKS, INC. of CHATSWORTH, CA ($10,000,000); QUANTUM CORPORATION of SAN JOSE, CA ($10,000,000); and SPECTRA LOGIC CORPORATION of BOULDER, CO ($6,355,914).

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 3341 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.