Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3353, part of the Manufacturing sector) received 1,863 PPP loans totaling $637.4M during the COVID-19 pandemic.

The average loan for this industry was $342,143 — 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.

96.3% of loans in this industry were forgiven — totaling $617.7M. 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 DELTA STAR INC. of LYNCHBURG, VA ($10,000,000); TAW HOLDINGS GROUP INC of RIVERVIEW, FL ($9,452,000); and FLANDERS CR ACQUISITION, INC. of EVANSVILLE, IN ($9,323,902).

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 3353 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.