The Commerce Department took another step toward boosting chip manufacturing in the U.S.
. They used to be a relatively inexpensive component, one that cost as little as two cents to manufacture in the 1970s, but these tiny electronic switches are now part of the country’s supply chain woes and leading to higher prices for just about every device.
Several semiconductor companies including GlobalFoundries, Micron, Qualcomm and Intel have already announced plans to make major investments in the U.S. that likely qualify for government funding. The Commerce Department also outlined the most important things that companies need to know, and how to apply. To receive the funding, companies will have to demonstrate that their factories will be economically viable over the long-term, and that they will bring jobs to the communities where they operate. The funds will also prioritize economically disadvantaged individuals, minority-owned businesses, veteran-owned businesses, women-owned businesses, and rural businesses.
“This is not a blank check for companies,” Raimondo said. She added that the Commerce Department would use its authority to reclaim the money if recipients “fail to start their project on time, fail to complete their project on time, or fail to meet the commitments that they’ve made.”
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