The National Association of Manufacturers has released its third-quarter Manufacturers’ Outlook Survey. Of the 82.7% of respondents who say COVID-19 had or will have a negative impact on their cash flow, 72.1% noted they had obtained funds through the Paycheck Protection Program, Main Street Lending Program or other liquidity programs, especially small manufacturers. Of those 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 has also rebounded to 66% since the second quarter of 2020, where it hit the worst reading since the Great Depression. Still, the outlook remains below the historical average of 74.4%, and 62% of manufacturers expect their firm’s revenues will not get back to pre-COVID-19 levels until 2021 or later.