The Commerce Department said early Tuesday that Intel and the Biden administration had reached an agreement on $7.9 billion in federal subsidies for the firm to construct, modernize, and expand operations in Oregon and three other states.
The entire package is $600 million less than the $8.5 billion that Intel and the Commerce Department agreed to when they revealed preliminary terms in March, even though Intel will get the first $1 billion from their award by the end of the year. Additionally, the government stated that Intel decided not to apply for the $11 billion in federal loans that were included in the March statement.
Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates, feel free to reach out to us via email. We appreciate your trust and support!
