Pentagon to increase progress payments to defense firms as coronavirus hits economy [Reuters (UK)]
Lockheed Martin Corporation (LMT)
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Source: Reuters
Pentagon to increase progress payments to defense firms as coronavirus hits economy - Reuters 3 Min Read WASHINGTON (Reuters) - The Pentagon is increasing the amount of interim payments it makes to defense contractors in an effort to give them a financial boost as the coronavirus pandemic weakens the broader economy, according to a memo seen by Reuters on Friday. The move will speed the payment of millions of dollars to defense contractors while they work to complete individual projects. The memo stated that “effective immediately” the Pentagon will increase the rate at which it pays what are known as progress payments for large contractors to 90%. The customary progress payment rates for Department of Defense contracts, are 80 percent for large defense contractors and 90 percent for small businesses. Small businesses will see their progress payments rise to 95%, according to the memo. John Luddy of the Aerospace Industries Association applauded the Pentagon’s quick action in an email
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