Pentagon to Spend $688 Million CARES Act Funding on Defense Industrial Base
Posted on June 3, 2020
After recent reports that the Department of Defense has spent only 23 percent of its $10.5 billion CARES Act funding, the Pentagon has indicated it will invest $688 million to support the defense industrial base, Military Times reports.
“By directly offsetting financial distress in the DIB and providing investments to regions most severely impacted to sustain essential domestic industrial base capabilities and spur local job creation,” wrote the Pentagon.
Areas of investment cited in the plan include $150 million for shipbuilding and submarine launch tubes; $150 million for the space launch industrial base; $171 million for the aircraft propulsion industrial base; $80 million for the microelectronics base; $62 million for body armor suppliers; and $40 million for high-temperature materials used in hypersonic weapons.
Photo by Defense Contract Management Agency
Post courtesy of the Association of Defense Communities