President Joe Biden on Thursday will sign an executive order on implementation of the $52.7 billion semiconductor chips manufacturing subsidy and research law, the White House said.

Earlier this month, Biden signed the bill to boost efforts to make the United States more competitive with China's science and technology efforts. The law aims to alleviate a persistent shortage that has affected everything from cars and weapons to washing machines and video games by subsidizing U.S. chip manufacturing and expanding research funding.

Biden's order sets six primary priorities to guide implementation and establishes a 16-member interagency CHIPS implementation council to be co-chaired by National Economic Director Brian Deese, National Security Advisor Jake Sullivan, and Acting Office of Science and Technology Policy Director Alondra Nelson. The council will include the secretaries of Defense, State, Commerce, Treasury, Labor and Energy.

The White House also said the Commerce Department launched CHIPS.gov, which will make funding awards for chips production.

The department "is committed to deploying funding as swiftly as possible, while also ensuring the time needed to perform necessary due diligence," the White House said.

It is still not clear when the Commerce Department will formally make available semiconductor chips funding for prospective applications or how long it will take to make awards.

The White House said the chips program "will include rigorous review of applications along with robust compliance and accountability requirements to ensure taxpayer funds are protected and spent wisely."