Tag Archives: progress payment

Aerospace & Defense Industry Recorded $874B in 2020 Revenue; AIA’s Eric Fanning Quoted

Eric Fanning

The Aerospace Industries Association (AIA) has released a report saying the aerospace and defense industry was still able to record $874 billion in revenues, contribute $90.6 billion in exports and hired 2.09 million workers in 2020 despite the significant business and job losses as a result of the COVID-19 pandemic.

Read More »

Alan Shaffer on Pentagon’s Support to Defense Supply Chain During Pandemic

Alan Shaffer

Alan Shaffer, deputy undersecretary for acquisition and sustainment at the Department of Defense (DoD), said the Pentagon has made contract actions worth nearly $4.5 billion through the Defense Production Act Title III and other assistance programs to support the industrial base during the COVID-19 pandemic.

Read More »

Sen. Elizabeth Warren Wants Pentagon to Shed Light on Increased Progress Payment Rates

Sen. Elizabeth Warre

Sen. Elizabeth Warren (D-Mass.) has asked the Department of Defense (DoD) to answer some questions about the increased progress payment rates for contractors. DoD released a memo in March that increases the progress payment rates to 90 percent for large businesses and to 95 percent for small businesses in an effort to ensure cash flow into the industrial base during the coronavirus pandemic.

Read More »