Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3362, part of the Manufacturing sector) received 3,402 PPP loans totaling $656.2M during the COVID-19 pandemic.

The average loan for this industry was $192,878 — 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.

86.0% of loans in this industry were forgiven — totaling $647.2M. 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 BWI NORTH AMERICA INC of KETTERING, OH ($9,208,112); NOVAE CORP of MARKLE, IN ($9,173,217); and WHITING DOOR MANUFACTURING CORP. of AKRON, NY ($7,309,000).

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 3362 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.