L3Harris Technologies has begun expediting the payment of over $100M to small businesses in the companyâ€™s supply chain in light of the ongoing health crisis.
L3Harris said Thursday it is also providing $2M in funding and resources for COVID-19 relief efforts around the world, with focus on areas where the company has a â€œsignificant presence.â€
Evan Cramer, CEO of Melbourne, Fla.-based L3Harris supplier Custom Aerospace Machine, said the accelerated payment will enable the firm to push through with plans to establish a new facility to support F-35 production activities.
â€œAccelerating payments reflects our commitment to support small businesses, the aerospace and defense supply chain, and the vital U.S. defense industrial base,â€ said William Brown, chairman and CEO of L3Harris and a former Wash100 Award recipient. â€œWe are proud to help these businesses and their regional economies, particularly during this difficult economic period.â€
The recent announcement builds on L3Harrisâ€™ other COVID-19 response efforts including the supply of masks and protective equipment as well as grants for impacted employees, the company said.