AIAA Statement on Passage of $2.2 Trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act Written 27 March 2020
CONTACT: Michele McDonald
March 27, 2020 – Reston, Va. – The American Institute of Aeronautics and Astronautics (AIAA) applauds the passage of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act designed to help support workers, small businesses, and industries impacted by the pandemic.
AIAA is grateful for the swift action by Congress and the administration to help provide needed aid to the American people and American businesses during this crisis. The bill allocates funding to help defense suppliers and to allow federal government agencies to reimburse contractors, including those in the aviation industry such as airlines, airports, and cargo transportation, for necessary paid leave.
The CARES Act will help ease the pressure placed on the vital U.S. aerospace and defense industry during the pandemic. The Defense Department is being provided with $10.5 billion to expand health care facilities, deal with supply chain disruptions, and purchase equipment, including $2.5 billion aimed at bolstering the defense industrial base. NASA will receive $60 million for operational adjustments associated with mission delays caused by the closing of agency facilities due to COVID-19.
The funding package also provides $500 billion for loans and assistance to companies and state and local governments, including $29 billion for loans to U.S. airlines and related businesses. Aviation workers are expected to receive additional funds. Furthermore, the bill provides $349 billion in low-interest small business loans that could be partially forgiven.
We encourage federal government officials and lawmakers to continue to support the aerospace and defense industry through the duration of the pandemic and to ensure sector stability during the economic recovery phase. The aerospace and defense contribution to the economy on the other side of the COVID-19 crisis will be crucial for restarting and building the economic engine to its pre-crisis momentum.
The aerospace and defense industry is vital to the prominent position of the United States in global competitiveness, innovation, and technical leadership. The U.S. aerospace and defense industry supports more than 2.5 million jobs and 17,000 suppliers, representing more than $928 billion in economic output for the United States and more than $237 billion in wages. The industry has improved our quality of life by transforming transportation, medicine, defense, and security.
The American Institute of Aeronautics and Astronautics (AIAA) is the world’s largest aerospace technical society. With nearly 30,000 individual members from 91 countries, and 100 corporate members, AIAA brings together industry, academia, and government to advance engineering and science in aviation, space, and defense. For more information, visit www.aiaa.org, or follow AIAA on Twitter, Facebook, or LinkedIn..
American Institute of Aeronautics and Astronautics
12700 Sunrise Valley Drive, Suite 200, Reston, VA 20191-5807
Phone: 703.264.7558 Fax: 703.264.7551 www.aiaa.org