Three workshops receive upgrades at Russian bomber manufacturer

On the same subject

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  April 8, 2020 | International, Aerospace, Naval, Land, C4ISR, Security

  U.S. Small Businesses May Get More COVID-19 Emergency Funding

  Sean Broderick WASHINGTON—The Trump Administration has asked Congress for an additional $250 billion in small-business payroll loan funding, providing more cash to the coronavirus pandemic emergency funding program that many small aerospace suppliers are expected to tap. U.S. Treasury Secretary Steve Mnuchin tweeted the news April 7, confirming that, “at the direction of President Trump,” he has asked Democrat and Republican leaders in both the House of Representatives and Senate for more Paycheck Protection Program (PPP) funding “to make sure small businesses get the money they need!” The PPP, part of the March 27 Coronavirus Aid, Relief, and Economic Security (CARES) Act, was set up to quickly get funds to eligible businesses to cover eight weeks of payroll costs as well as most rent, utility and mortgage-interest expenses. Companies can apply for a one-time PPP loan of up to 2.5 times their average monthly 2019 payroll, up to a maximum $10 million. So long as 75% of the funds are used for payroll costs, the loans do not have to be repaid, making them de facto grants. The CARES Act allocates $349 billion to the program, but early popularly suggests that more funding may be needed to meet demand. The Small Business Administration (SBA) processed more than $70 billion in loans in PPP's first three days after the program opened April 3, though it did not say how much of that has been funded. Some 250,000 small businesses, out of an estimated 30 million, have applied for PPP funds. Mnuchin said he has spoken with Congressional leaders and is confident that he has bipartisan buy-in. “We look forward to the Senate passing that on [April 9], and the House passing that on [April 10]” Mnuchin told reporters during an April 7 media briefing. Additional funding could be approved quickly. Senate Majority Leader Mitch McConnell (R-Kentucky) said in a statement that he would work with Mnuchin and fellow Senate leaders to approve further funding within days. House Democrats are already working on a larger bill, which leader Nancy Pelosi calls CARES 2, that includes more PPP funding. PPP loan applications, submitted through the SBA Small Business Administration (SBA) and funded by participating lenders, began rushing in as soon as the program opened April 3. SBA Mnuchin said April 7 that more than 3,000 lenders are onboard, with additional institutions expected to participate. The program experienced some early hiccups, due in part to its scale and how quickly it has come together. CARES became law on March 27, and interim rules on how PPP would work were issued late April 2, just hours before applications were set to start. The PPP's broad applicability, lack of requirements for guarantees or other collateral, and de facto grant properties—the loans become forgivable if guidance is followed—have made it a catch-all for many small businesses. The general SBA limit for a small business is 500 employees, but it is based on staff or revenue limits set in the North American Industry Classification System. Many aviation businesses, aircraft and engine parts makers and maintenance providers, have limits above 500 employees. The PPP's potential reach and theoretically streamlined application and fulfillment times mean industry trade associations that represent smaller businesses are urging their members to examine PPP loans. https://aviationweek.com/air-transport/aircraft-propulsion/us-small-businesses-may-get-more-covid-19-emergency-funding

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  November 12, 2018 | International, Aerospace

  Italy signals slowdown on F-35 orders

  By: Tom Kington ROME — Italy will stretch out the order of F-35 fighter jets, buying six or seven of the aircraft in the next five years instead of the previously planned 10 jets, a government source told Defense News. The decision follows a review of the program by Italy's populist government, which took office in June and is mulling defense spending cuts to pay for social welfare programs and cover tax cuts. The source said the plan did not envisage a reduction in orders, merely a slowdown of intake, which would leave the decision of the total F-35 purchase to a future government. Previous governments planned to buy 60 F-35As and 30 F-35Bs for a total of 90 aircraft. The new government will focus on spending plans over its five-year mandate and not beyond, the source said, adding that discussions are underway with the U.S. about the change in schedule. The decision on the slowdown keeps with Italian policy on the F-35 set out by Defence Minister Elisabetta Trenta after she took office in June. “What I would like to do is lighten the load, since we have other spending commitments in Europe. We will try to stretch out deliveries instead of cutting the order, which would reduce offsets and mean penalties,” she told Defense News at the time. Italy has taken delivery of 10 F-35As and one F-35B. Two of the "A" models as well as the "B" model are being used for training in the U.S., while eight "A" models are now based at the Italian Air Force's base in Amendola, southern Italy. Trenta was tapped for office by the Five Star party, one of two political parties in Italy's current coalition government. Five Star politicians took a hostile line toward the F-35 program before taking office, at one point promising to scrap it. However, a defense spending document released last month suggests the government will maintain spending on the program in the next two years, with €766 million (U.S. $874 million) due to be spent in 2019 and €783 million in 2020. Those figures should be treated as provisional until the overall budget is signed in Parliament in the coming weeks. Five Star politicians have also shown hostility toward another U.S. defense program — the ground station planned in Sicily to support the Mobile User Objective System, or MUOS, network, a U.S. Navy-run satellite network providing voice and data communications to U.S. military personnel and platforms around the world, even when they are under thick forest canopies. Long held up by legal challenges in Sicily amid health fears, sources have said the MUOS antenna in Sicily could soon see final approval from the Italian government. https://www.defensenews.com/air/2018/11/09/italy-signals-slowdown-on-f-35-orders

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  April 3, 2024 | International, Land

  New Zealand Army chief on modernizing tech, lingering pandemic problem

  Maj. Gen. John Boswell is readying to retire in June. But first he spoke to Defense News about the Army's recruiting issues and ongoing defense programs.