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.

Rumors of these layoffs began back in April as Intel looks to refocus on its core business units and shed additional bloat.

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.