Commerce Dept. issuing aid to build computer chip plants

By JOSH BOAK
Associated Press

WASHINGTON (AP) — The Commerce Department is opening the application process for computer chip manufacturers to access $39 billion in government support to build new factories and expand production. The funding is part of the CHIPS and Science Act, which President Joe Biden signed into law last August. The money will be available as grants, loans and loan guarantees. The effort is designed to sharpen the U.S. edge in military technology and manufacturing. It’s also aimed at minimizing the kinds of supply chain disruptions that occurred in 2021, when a shortage of chips shut down factory assembly lines and fueled inflation.