DRT releases final batch of locally funded economic impact payments

(PNC file photo)

The Department of Revenue and Taxation (DRT) has released the final batch of locally funded Economic Impact Payments (EIP).

Approximately 3,800 checks were transmitted to the Treasurer of Guam and will soon be in the mail, DRT announced in a news release.

A total of 7,005 checks were printed for a cumulative total of nearly $11 million.

These checks are for those individuals who filed and had an income of less than $10,000.

According to DRT, checks were distributed in batches to allow for Guam’s financial institutions to remain compliant with social distancing protocols.

After the implementation plan is federally approved, the mass-processing of EIP checks for most other residents is expected to begin.

Guam has received IRS approval for the total estimated cost of $134.8 million of federal Economic Impact Payments to be paid to the Government of Guam.

But GovGuam said these EIP checks may not be sent out until May at the earliest.

Prior to the implementation of the federal program, $11 million in local funds was used to issue checks to tax filers with adjusted gross incomes of $10,000 or less in tax year 2018.