Immediate COVID Testing Procurement Act This bill requires the President, within 24 hours of this bill's enactment, to issue purchase orders for a program of the highest national urgency (commonly known as a DX purchase order) to procure under the Defense Production Act of 1950 (DPA) supplies to conduct COVID-19 (i.e., coronavirus disease 2019) medical testing nationwide. The supplies must have received prior approval from the Centers for Disease Control and Prevention or have received emergency use authorization from the Food and Drug Administration for the detection of COVID-19. The bill waives certain DPA requirements relating to industrial resource and critical technology shortfalls and notification to Congress.