Struggling chip giant Intel is reportedly preparing to slash up to 20% of its global workforce next month — despite the company receiving more than $2 billion in federal funding under former President Biden’s signature CHIPS Act.

Intel laid off 15,000 workers last year and is preparing for another round of cuts next month, OregonLive reports, citing an internal memo. Intel Foundry head Naga Chandrasekaran informed employees about the job cuts on Saturday.

In a memo seen by The Oregonian, Intel manufacturing Vice President Naga Chandrasekara tells workers that the company could cut between 15 and 20 percent of workers in its Foundry division. “These are difficult actions but essential to meet our affordability challenges and current financial position of the company,