With lawmakers and the White House unable to come to an agreement on a new coronavirus stimulus package, it’s unlikely that money requested to reimburse defense contractors for pandemic-related expenses will reach these companies until at least the second quarter of 2021, according to the Pentagon’s top weapons buyer.
Ellen Lord, defense undersecretary for acquisition and sustainment, laid out the reimbursement process. She said it would take the Pentagon five to six months to distribute those funds after they are approved by Congress.
“Then we want to look at all of the proposals at once,” Lord said at a recent Defense News Conference. “It isn’t going to be a first in, first out, and we have to rationalize using the rules we’ve put in place what would be reimbursable and what’s not.”
Lord estimated that the tab for defense contractors’ pandemic expenses from March 15 to Sept. 15 would come to “between $10 and $20 billion.”
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The Veterans Affairs Department is using a specific data visualization tool in its fight against the COVID-19 pandemic and recently awarded a $1.5 million sole source contract to upgrade and automate the software.
Participating lenders have been charged with interpreting a slew of evolving regulatory guidance while vetting millions of borrower applications.
However, Pentagon acquisition chief Ellen Lord said it may be coming faster in the near future.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) was passed by Congress and signed into law by President Trump on March 27, 2020. The CARES Act provides over $2 trillion of economic relief in order to protect the American people from the public health and economic impacts of COVID-19. Throughout its more than 300 pages, the CARES Act implements many initiatives targeted at various industries and economic sectors that are designed to stimulate cash flow and provide security for those at-risk.
