CNMI starts sending $1,400 stimulus checks this week
Guam will soon see $1,400 stimulus checks after its plan was approved
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Residents eligible for the third round stimulus checks of $1,400 will soon receive it after Guam’s plan was approved by federal officials.

The Department of Revenue and Taxation announced in a release early Saturday morning that Guam’s plan was approved by the Internal Revenue Service and the U.S. Treasury.

The third round of stimulus checks, or economic impact payments, was authorized by the American Rescue Plan Act of 2021 which was signed into law by President Joe Biden on March 11.

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Guam residents haven’t been able to get the $1,400 checks until federal officials approved Rev and Tax’s plan. Most people in the continental U.S. have already received their $1,400 stimulus.

Because Guam isn’t in the IRS system, Rev and Tax had to submit a plan on how it will distribute the economic impact payment funds. The local agency had to also reconcile its list of eligible taxpayers with the IRS, and request and receive a lump sum of funds to cover the island from the U.S. Treasury before residents begin seeing checks.

In the United States, more than 130 million payments, worth about $335 billion, have been made.

The benefit was secured in the American Rescue Plan Act of 2021, which gives economic impact payment payments of $1,400 for individuals and $2,800 for joint filers, plus an additional $1,400 for each dependent child.

Individuals earning up to $75,000 and married couples with incomes up to $150,000 will receive the full payments. Payments decrease for incomes above those thresholds, phasing out for individuals making more than $80,000 and married couples making more than $160,000.

Gov. Lou Leon Guerrero said final approval of the plan was received just a little after midnight Guam time and she and Lt. Gov. Josh Tenorio are pleased Rev and Tax can move forward in processing payments.

The IRS and U.S. Treasury approved $241 million for Guam’s third round of stimulus checks and has approved the advance of 90% to be transferred to the government of Guam after the plan approval, the release from Rev and Tax stated.

In addition to funding payments, Rev and Tax was approved for $347,000 in administrative expenses for the program, the release stated.

Payment for the third round of stimulus checks is expected to begin as soon as funds are received.

Originally Published 2 hours ago
Updated 1 hour ago
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