Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3366, part of the Manufacturing sector) received 2,668 PPP loans totaling $702.8M during the COVID-19 pandemic.

The average loan for this industry was $263,427 — 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.

95.7% of loans in this industry were forgiven — totaling $690.0M. 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 COLONNA'S SHIP YARD, INCORPORATED of NORFOLK, VA ($10,000,000); TECNICO CORPORATION of CHESAPEAKE, VA ($10,000,000); and GULF ISLAND FABRICATION, INC. of HOUSTON, TX ($10,000,000).

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 3366 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.