Pentagon taps $688 million in coronavirus aid for defense industry

June 2, 2020

Defense News

The Pentagon plans to spend hundreds of millions of dollars in coronavirus relief funding to support vulnerable manufacturers of submarine torpedo tubes, aircraft engine parts and hardened microelectronics that were hit by closures or other effects of the COVID-19 pandemic.

The $688 million defense-industrial base fund is just one category within the $10.5 billion the Department of Defense received from Congress’ $2.1 trillion CARES Act package. The department submitted its 54-page spending plan to Congress on Friday amid pressure from lawmakers after DoD had spent only 23 percent of that money weeks after it was signed into law in late March.

The Pentagon has thus far obligated $167 million of the $1 billion Congress granted under the Defense Production Act, a Korean War-era law that the president recently invoked, to have industry produce key items such as N95 respirator masks and swabs needed for coronavirus testing, ventilators and other items.

Click here to read the full article.

Contact

Curtis Stiles - Chief of Staff