08:45 AM EDT, 09/04/2024 (MT Newswires) -- Intel ( INTC ) is urging government officials to promptly release funding under the 2022 Chips and Science Act as it currently faces financial struggles, Bloomberg reported Wednesday, citing people familiar with the matter.

The chipmaker is due to receive $8.5 billion in grants and $11 billion in loans, however both of which are subject to hitting certain milestones and following "significant due diligence," according to the report. Intel ( INTC ) has resisted sharing certain information requested by the government regarding the feasibility of its manufacturing road map, Bloomberg said.

The company's board will evaluate its plans later in September, the report said. If it scales back its US projects, the subsidy package is likely to change as well, the report added.

Intel ( INTC ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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