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How Small Businesses Can Secure a Portion of $53B CHIPS Act Funding

The United States’ semiconductor chip manufacturing output has been steadily slipping over the last few decades, jeopardizing the country’s power in an increasingly critical industry on the global stage. But one key piece of legislation, the CHIPS and Science Act of 2022, aims to rewrite this narrative and place the U.S. back on top.

The CHIPS Act is investing $52.7 billion into the American semiconductor industry in an effort to bring manufacturing back to the homeland. Recently, the Biden administration expanded eligibility for CHIPS Act funding to include companies that create the tools and chemicals for producing chips, not just the major players like Intel.

Find out how your company can get a piece of the CHIPS Act pie and be a part of the conversation with key government decision makers at the Microelectronics Forum hosted by ExecutiveBiz on July 25. Dr. Dev Shenoy, the Department of Defense’s principal director for microelectronics, is scheduled to keynote this in-person breakfast event. Register here to save your spot.

As of June 23, 2023, the CHIPS Act is accepting applications for the “construction, expansion or modernization of commercial facilities for semiconductor materials and manufacturing equipment facilities for which the capital investment equals or exceeds $300 million,” according to the National Institute of Standards and Technology

With the expansion of CHIPS Act funding, nearly 400 firms have newly expressed interest in securing a portion of the investment, the Department of Commerce has found. 

Commerce Secretary Gina Raimondo noted that while fabrication plants, commonly referred to as “fabs,” are an important component of boosting semiconductor manufacturing, the country’s chip supply chain and the smaller firms that comprise it will need larger investments too.

“We can have as many fabs as we want, but the reality is, we also need the supply chain — the chemicals, the material, the tools that go into those fabs,” Raimondo said.

Certain applications are now being accepted on a rolling basis by the CHIPS Program Office. Visit the NIST website for more information and to submit your application.

To learn more about the state of American microelectronics and how you can be a part of the CHIPS Act, join ExecutiveBiz on July 25 for the Microelectronics Forum. Seats are limited and going fast — reserve yours here.

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