DRT: Guam gets $200M for EIP 3; payments out in a week once approved

(PNC file photo)

Guam has been approved for $200 million for the third round of economic impact payments, or EIP 3.

That’s about equal to the amounts paid out for both EIP 1 and EIP 2 combined, according to Department of Revenue and Taxation director Dafne Shimizu.

Shimizu said that once Guam’s implementation plan for EIP 3 is approved payments could start going out in less than a week.

“We’ve seen that when the plans are approved, the IRS and the Treasury work to execute or transfer the monies quite quickly. But again, you know, it really is dependent on many things. But we have seen the monies come in quite quickly after the plans are approved,” Shimizu said in an interview with NewsTalk K57’s Patti Arroyo.

The CNMI governor’s office says they’ll issue the third economic stimulus payment by the end of next week.

The CNMI governor’s office says that $85 million will be transferred to the CNMI within three business days of the U.S. Treasury Department’s approval of the Commonwealth’s implementation plan.

So what’s the status of Guam’s stimulus payments?

Shimizu gave an update on the status of Guam’s implementation plan.

Shimizu said that she’d be speaking with her counterparts in the IRS and other jurisdictions within the insular areas Thursday.

She said that she’s hoping to complete discussions on Guam’s plan to implement the third Economic Impact Payment, or EIP 3, sometime Friday.

Shimizu said that although the territories have similar plans there are differences due to each jurisdiction’s unique characteristics, including their populations and demographics.

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“We’re in about the same boat as CNMI, where we are in the final discussions. But there are some items that we have to talk about, like our implementation plan, before we sign off. So again we have a meeting this morning, we’re hopeful that our discussions will be finalized this week, and once those are agreed upon…all the terms are agreed upon..we’ll be able to move forward and get that plan signed off on, and we’ll be able to make payments. So that’s where we are,” Shimizu said.