Where is the Money from the CHIPS Act Going and How It Improves Employment?

Where is the Money from the CHIPS Act Going and How It Improves Employment

Employment is absolutely a necessity in the US landscape. It helps keep people on track and is a great way to generate revenue for our economy. With the money assigned to the CHIPS Act, it’s now creating a fascinating scope for individuals to foster their employment growth.

By introducing the CHIPS Act in 2022, Joe Biden granted American employees $39 billion (about $120 per person in the US) in tax benefits, alongside grants and guarantees administered primarily by the DOC. This, in turn, encourages US-based companies to build new chips for different types of manufacturing plants in the US.

Currently, there’s $6 billion more left to dole out. The Commerce Department of the US is now looking forward to funding various small companies and acting as a semiconductor to the supply chain.

The Department is now solely responsible for focusing on leveraging the grant money and luring in as many private investments as possible. This plays an extremely crucial role as it is a great instrument to shore up national and economic security.

As of now, the money from Biden’s administration for the CHIPS Act has been focused on the different kinds of major awards granted to various companies.

With the $6 billion now currently remaining, they’re now aiming to focus on sending much smaller awards to smaller companies to boost their overall growth in retaining employment opportunities in the company.

The primary goal of the government officials is now focused on building up a semiconductor ecosystem. This statement was directly given by Micheal Schmidt, the director of the CHIPS Program. This means that they will be funneling the investments both with the upstream suppliers of the company and providing adequate materials and equipment to boost this growth.

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Titas Ghosh Chaudhury
Titas is a lawyer with a penchant for writing. In her leisure hours she likes to read books and collect Pokemon plushies and stay updated with different law judgements.

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