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  • Friday, November 22, 2024

DoD to Use $688M in CARES Act Funds to Support Aircraft Propulsion, Shipbuilding Industries

The Department of Defense plans to use $688M in funds under the Coronavirus Aid, Relief and Economic Security Act to address the financial impacts of the COVID-19 pandemic on the defense industrial base and promote local job creation efforts, Defense News reported Tuesday.

DoD plans to obligate $171M in CARES Act funds for the aircraft propulsion sector; $150M for space launch; $150M for shipbuilding and submarine launch equipment; $80M for microelectronics; $62M for body armor suppliers; and $40M for suppliers of high-temperature materials used in the development of hypersonic weapons.

The proposed investments are part of a spending plan for $10.5B in funds the Pentagon received through the $2.1T CARES Act. DoD submitted the spending plan to Congress Friday.

The department has so far obligated only 23 percent of the $10.5B allocated through the coronavirus relief package, according to the report.

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