The U.S. Department of Commerce shared the Biden-Harris Administration’s strategic plan to improve America’s semiconductor supply chain June 23. Under the program, the Department of Commerce will oversee and distribute over $50 billion in funds to revitalize the domestic semiconductor space, including $39 billion for semiconductor manufacturing incentives.

The Department announced that it had launched funding opportunities and begun accepting applications for large-scale semiconductor supply chain projects in the U.S. equal to or exceeding $300 million. The Department also announced plans to put in place a separate application process for smaller semiconductor projects in the fall of 2023.

Additionally, the Department of Commerce unveiled its “Vision for Success” strategy for the semiconductor space, which focuses on strengthening supply chain resilience, improving the U.S.’s role in creating new technologies and supporting the establishment of semiconductor production facilities across the country.

“After the pandemic exposed holes and bottlenecks in our semiconductor supply chains that sent shockwaves across our economy, the CHIPS and Science Act is a historic opportunity to ensure our microchip supply chain resilience,” said Secretary of Commerce Gina Raimondo. “Thanks to President Biden’s Investing in America agenda, we’re already seeing billions in private sector investment bolster the semiconductor supply chain. We’re laying out our vision for how we’ll build on that progress by responsibly making investments to ensure resiliency and success for the clusters we will create.”