The plan for Guam’s third economic impact payment program was approved over the weekend and the Department of Revenue and Taxation is ready to start sending out money.
DRT announced yesterday that it received confirmation of receipt of funds for the EIP 3 Program.
About 20,000 payments, totaling more than $53.8 million, were processed by Rev and Tax on Saturday.
Rev and Tax director Dafne Shimizu told Newstalk K57’s Patti Arroyo that those payments should be hitting bank accounts soon.
“As you know…we announced it early in the morning, that our plan was approved..and then what happened is we were able to get confirmation that the funds were actually transferred to our bank account for the government of Guam bank account..and so because we were able to get the funding..and our team had actually been preparing all this time, we were able to begin to process payments over the weekend and so we’re excited that there are going to be payments heading to the Treasurer of Guam this morning. We’re also excited that this the first time we’re gonna have some direct deposit payments for people, so some people are actually going to be able to receive their EIP payments by direct deposit,” Shimizu said.
Guam was approved for an overall amount of $241 million for the program.
That includes administrative costs which were not included during previous rounds of EIP.
For EIP 1 and 2, GovGuam had to bear the costs of processing payments and sending them out to recipients.
Shimizu said that people who haven’t filed their 2020 taxes yet can still receive payments based on their 2019 tax returns.
However, those who’ve filed for 2020 will come first.
“EIP 3 is based on a 2020 return…a validly filed and processed one…if you have one on file. And if not, then it goes back to 2019, if you have one validly filed and processed on file. So our system first looks for 2020. We didn’t start to receive 2020 returns until Feb. 12, and so our system actually began to look for all of those 2020 returns beginning with those returns filed on Feb. 12, and that’s how this process will work. Now, as we process … I don’t want people to be disheartened, because you know they may say ‘I didn’t file a 2020 return’ or ‘I filed my 2020 late.’ And so perhaps for those people, because we’re going to be trying to process these payments as quickly as possible…their EIP 3 might be based on a 2019 return,” Shimizu said.
Shimizu said that Rev and Tax will issue more guidance as time goes on.
An FAQ about EIP 3 can be found on the Rev and Tax website at guamtax.com.