Ohio business leaders push for release of CHIPS Act money [Video]

TOLEDO, Ohio (WTVG) – Frustration is mounting over the implementation of the bipartisan CHPIS and Science Act.

The legislation, which Congress passed two and a half years ago, promised billions in grants to semiconductor chip manufacturers to boost American production of computer chips.

Intel, which was promised $8.5 billion in grants, stands to benefit the most from the CHIPS Act. The company is in the process of building a $20 manufacturing facility in Licking County, Ohio. It initially planned to start production in 2025.

But the project’s timeline has slowed down.

Intel CEO Pat Gelsinger in a recent interview with Yahoo Finance that he expects to finish the projects, but said the company hasn‘t seen any CHIPS Act funding yet. The company has also seen its stock drop throughout 2024 and had to lay off 15% of its workforce.

“It’s well over two years since the [CHIPS] Act passed, and over that period, I’ve invested $30 billion in …