Manufacturing

Businesses and organizations in the Manufacturing industry (NAICS code 3391, part of the Manufacturing sector) received 14,088 PPP loans totaling $1.97B during the COVID-19 pandemic.

The average loan for this industry was $140,172 — 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.

96.0% of loans in this industry were forgiven — totaling $1.92B. 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 NORTH AMERICAN SCIENCE ASSOCIATES, INC. of NORTHWOOD, OH ($10,000,000); INVACARE CORPORATION of ELYRIA, OH ($10,000,000); and ENDOLOGIX INC of IRVINE, CA ($9,812,727).

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 3391 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.