Manufacturers survey finds broad usage of PPP, Main Street Lending Program
The National Association of Manufacturers has released its Q3 “Manufacturers’ Outlook Survey,” which shows strong use of liquidity programs like the Paycheck Protection Program (PPP) and Main Street Lending Program.
Of the 82.7% of respondents who said COVID-19 had or will have a negative effect on their cash flow, 72.1% noted they had obtained funds through the PPP, Main Street Lending Program, or other liquidity programs—especially small manufacturers. Of the firms taking advantage of such programs, 91.6% reported that those funds helped keep their business afloat, retain their workforce, or meet other necessary expenses.
Manufacturing optimism also has rebounded to 66% since Q2 2020, when it had the worst reading since the Great Depression. Still, the outlook remains below the historical average of 74.4%, and 62% of manufacturers expect their firms’ revenues will not get back to pre-COVID-19 levels until 2021 or later.
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