Afloat means something or someone is floating on water or is able to continue doing something without any problems.
When we say that something is afloat, we usually mean that it's floating on the surface of a body of water. For example, "The life jacket will keep you afloat if you fall into the lake." But sometimes people use this word in another way. If someone says, "Thanks to your help, our project is still afloat," they're saying that everything is okay and nothing bad has happened yet. In this case, being afloat means staying safe or continuing to exist without any major issues.
How common is "afloat"?
Word afloat is considered rare in modern English. It has a balanced usage among all categories: speech, fiction, newspapers and academic texts.
Definitions
adverb
In or into a state of floating.
In, or while in, a vessel at sea or on another body of water; at sea.
Under water (bearing floating objects).
Example: 1695, Edmund Gibson (translator), Camden’s Britannia, London: A. Swalle, “Staffordshire,”
[…] it [the River Dove] overflows and lays the meadows afloat in April, like another Nile.
(figurative, of ideas, information, etc.) In or into circulation or currency.
(obsolete, figurative, of an emotional state) In or into a condition of stimulation, arousal, confusion, bewilderment, etc.