USA—Pentagon To Increase Payments To Support Contractors During COVID-19 Pandemic

Space News | 03/25/2020

The Dept. of Defense says it is increasing progress payments to contractors who may be facing cash flow issues due to the novel coronavirus (COVID-19) outbreak, reports Space News. Progress payments are made on a monthly basis to cover a portion of the costs incurred and work performed under a contract. The DoD typically pays 80 percent of submitted expenses. Those payments are being increased to 90 percent for large companies and 95 percent for small businesses, said a Pentagon memo...
 

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