Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3371, part of the Manufacturing sector) received 14,899 PPP loans totaling $1.80B during the COVID-19 pandemic.

The average loan for this industry was $120,589 — above the national PPP average of approximately $67,000. This reflects the small business character of most participants in this industry, typically sole proprietors and micro-businesses with modest payroll obligations.

95.4% of loans in this industry were forgiven — totaling $1.76B. 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 SHERRILL FURNITURE COMPANY of HICKORY, NC ($9,540,578); MCCREARY MODERN INC of NEWTON, NC ($8,363,000); and BEST CHAIRS INCORPARATED of FERDINAND, IN ($7,778,000).

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 3371 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.