Clothing and Clothing Accessories Retailers

Businesses and organizations in the Clothing and Clothing Accessories Retailers industry (NAICS code 4481, part of the Retail Trade sector) received 113,684 PPP loans totaling $3.22B during the COVID-19 pandemic.

The average loan for this industry was $28,356 — below 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.

86.0% of loans in this industry were forgiven — totaling $2.90B. 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 STEIN MART, INC. of JACKSONVILLE, FL ($10,000,000); WALTERS & MASON RETAIL, INC of MARYVILLE, TN ($8,893,000); and MODA OPERANDI, INC of NEW YORK, NY ($7,311,300).

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 Retail Trade sector — selling merchandise to the general public for personal or household consumption. — businesses in NAICS 4481 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.