L3Harris Technologies has begun expediting the payment of over $100M to small businesses in the company'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 “significant presence.“
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.
“Accelerating payments reflects our commitment to support small businesses, the aerospace and defense supply chain, and the vital U.S. defense industrial base,“ said William Brown, chairman and CEO of L3Harris and a former Wash100 Award recipient. “We are proud to help these businesses and their regional economies, particularly during this difficult economic period.“
The recent announcement builds on L3Harris' other COVID-19 response efforts including the supply of masks and protective equipment as well as grants for impacted employees, the company said.