According to the Small Business Administration’s Paycheck Protection Program (PPP), 3,185 businesses in the “Farm and Garden Machinery and Equipment Merchant Wholesalers” (NAICS classification 423820) received a total of $637.77 million in 2020 PPP loans from the U.S. Small Business Administration.
Farm lending slowed alongside the initial effects of the pandemic and a more pessimistic outlook for agricultural economic conditions. The volume of total non-real estate farm loans continued into a yearlong trend of declines during the second quarter of 2020.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.