Commerce Department Proposes Nearly $20 Billion in Funding for Intel Semiconductor Chip Factories

Commerce Department Secretary Gina Raimondo said the investment will create over 30,000 well-paying jobs and ‘ignite the next generation of innovation.’

President Joe Biden delivers the State of the Union address during a joint meeting of Congress in the House chamber at the U.S. Capitol on March 7, 2024. Chip Somodevilla/Getty Images

The Commerce Department has proposed awarding up to $8.5 billion in grants and $11 billion in loans to tech giant Intel to expand its semiconductor production and output.

The proposed funding, which stems from the CHIPS and Science Act of 2022, marks the government’s largest investment ever in U.S. semiconductor manufacturing, according to senior administration officials.