The U.S. Commerce Department announced on Tuesday a first round of federal funding out of the CHIPS and Science Act.
The department will oversee $50 billion in federal money aimed at revitalizing semiconductor production in the United States.
The first funding round opens up access to $39 billion in loans and grants to expand chip factories and create new ones.
Secretary of Commerce Gina M. Raimondo said, "We will be the premier destination in the world where new leading-edge chip architectures can be invented in our research labs."
The department said it has detailed the application process and is preparing to begin evaluating applications.
Applicants can also take advantage of the Advanced Manufacturing Investment Credit from the U.S. Treasury which is a tax credit for investing in facilities that manufacture semiconductors or equipment for the creation of semiconductors or critical components.