WASHINGTON (AP) — The Biden administration has reached an agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans for...
with up to $8.5 billion in direct funding and $11 billion in loans for computer chip plants in Arizona, Ohio, New Mexico and Oregon.plans to talk up the investment on Wednesday as he visits Intel's campus in Chandler, Arizona, which could be ain November’s election. He has often said that not enough voters know about his economic policies and suggested that more would support him if they did know.
Wednesday's announcement is the fourth and largest so far under the chips law, with the government support expected to help enable Intel to make $100 billion in capital investments over five years. About 25% of that total would involve building and land, while roughly 70% would go to equipment, said Pat Gelsinger, CEO of Intel.
Biden administration officials say that computer chip companies would not be investing domestically at their expected scale without the government support. Intel funding would lead to a combined 30,000 manufacturing and construction jobs. The company also plans to claim tax credits from the Treasury Department worth up to 25% on qualified investments.
The Biden administration has also made workforce training and access to affordable child care a priority in agreements to support companies. Under the agreement with the Commerce Department, Intel will commit to local training programs as well as increase the reimbursement amount for its child care program, among other efforts.
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