Lockheed Martin has accelerated $256M in supplier payments this week as part of efforts to support supply-chain level small business amid operational disruptions, Inside Defense reported Friday.
The company said it aims to issue $450M in expedited payments and conduct a series of webinars next week to familiarize small businesses with available resources during the global pandemic.
Lockheed noted that an additional $5M has also been funneled to support COVID-19 relief efforts, including programs under the Army Emergency Relief, Air Force Aid Society and Navy Marine Corps Relief Society.
The company previously pledged $10M for various COVID-19 charity initiatives, according to the report.
Last week, L3Harris Technologies made a similar announcement to accelerate over $100M in payments to small businesses in the company“™s supply chain.