Approximately 20,000 payments totaling $53,839,424 were processed by the Department of Revenue and Taxation on Saturday and will be transmitted to the Treasurer of Guam early this coming week to be mailed out.
DRT received federal funds for the Third Economic Impact Payment, or EIP 3, program for Guam on Saturday, according to a press release.
Notification of the approval of Guam’s EIP plan was received just shortly after midnight Guam time.
EIP 3 was authorized by the American Rescue Plan Act of 2021 which was signed into law by President Biden on March 11.
The federal program provides $1,400 to individuals.
DRT has been working with their federal counterparts for the last several months to put together the required plan.
The IRS and U.S. Treasury approved $241 million for Guam’s EIP 3 Program and have approved the advance of 90% to be transferred to the government of Guam after plan approval. In addition to the funding for payments of EIP 3 for Guam residents, Guam DRT was also approved for approximately $347,000 in administrative expenses for the program.
“We have an unwavering commitment to take care of our people, most especially during this public health emergency,” said Gov. Lou Leon Guerrero on Saturday. “Even as we were waiting on approval for our plan, our team was working behind the scenes to make sure that payments would be able to be processed as soon as funds were received. We are thankful to the Internal Revenue Service and the U.S. Treasury for working with DRT, and to the DRT team for working tirelessly to make sure that these payments are ready to release early this week.”
“For this round of payments, we were able to receive funding to cover the cost to administer the EIP Program. We are thankful to Congressman San Nicolas for his assistance with this,” said Lt. Gov. Josh Tenorio.
“This is critical as we work to maintain our general fund.”