Billions in CHIPS Act funding were supposed to help Intel in Ohio. Where’s the money?

Intel is trying to form a comeback after losing over a billion dollars in a quarter and tanking its stock, and now concerns over when it will get promised federal funding have joined the mix.

The CHIPS and Science Act made its way through both sides of U.S. Congress as an incentives package, which finally passed in 2022 and received President Joe Biden’s signature. In March, Biden announced the U.S. Department of Commerce had reached a preliminary agreement to award Intel up to $8.5 billion in funds and eligibility for $11 billion in loans. But the package came bundled with specific goalposts that the tech giant must meet, as part of bringing new computer chip factories online in places like New Albany.