Lockheed says it will have flowed $1 billion in accelerated payments to suppliers by end of year

Lockheed Martin said today its accelerated payments to suppliers should total more than $1 billion by the end of 2020.

The Pentagon at the start of the pandemic increased progress payment rates to large businesses to 90%, up from 80%.

"Lockheed Martin has flowed all of the accelerated payments it has received from the Department of Defense to its supply chain with a focus on small businesses and those at-risk," Jim Taiclet, the company's chief executive, said in a statement. "As 2020 draws to a close, it is our intent to end the year having accelerated in excess of $1 billion in invoices due to our supply chain in 2021."

Taiclet said the payments have gone to almost 10,000 suppliers, including more than 5,900 small businesses.