Are you sure congress didn’t authorize this ? i.e. actually specified that the money could only be used for grants and could not be used for equity purchases?

> The Department of Commerce is authorized to provide funding in various forms, including grants, cooperative agreements, loans, and loan guarantees, in exercising its Section 9902 authorities

https://www.congress.gov/crs-product/R47523

AFAICT the relevant section of law says it is up to the Secretary of Commerce to determine the funding type to be used for the semiconductor financial assistance

https://www.congress.gov/116/plaws/publ283/PLAW-116publ283.p...

See my other comment : https://news.ycombinator.com/item?id=44995799