President Joe Biden last month signed an executive order on implementation of the $52.7 billion semiconductor chips manufacturing subsidy and research law.
The Department could begin disbursing money by next spring, Raimondo added.
The Commerce Department will review and audit firms that receive the funding, and take back funds from any company that violates the rules, the NYT reported.
Biden signed the bill to boost efforts to make the United States more competitive with China's science and technology efforts.
By subsidizing U.S. chip manufacturing and expanding research funding, the law aims to alleviate a persistent shortage that has affected everything from cars and weapons to washing machines and video games.
The U.S. department of commerce did not immediately respond to Reuters request for comment.
