1. Short title This Act may be cited as the Promoting Exchanges for Enhanced Routing of Information so Networks are Great Act of 2018 or the PEERING Act of 2018 . 2. National Telecommunications and Information Administration grants (a) Grants On and after the first day of the first fiscal year beginning after the date on which the Assistant Secretary establishes rules and timelines under subsection (d), the Assistant Secretary shall award grants to entities to acquire real property and necessary equipment to— (1) establish a new internet exchange facility in a core based statistical area in which, at the time the grant is made, there are no existing internet exchange facilities