Feds approve $241M for Guam’s EIP 3; payments to begin as funds are received
Written by NaeNae on April 12, 2021
The Guam Department of Revenue & Taxation (DRT) announced today that its Third Economic Impact Payment (EIP 3) Plan has been approved by the Internal Revenue Service (IRS) and the U.S. Treasury.
EIP 3 was authorized by the American Rescue Plan Act of 2021 which was signed into law by President Biden on March 11, 2021.
“Final approval for Guam’s EIP 3 Plan was received just a little after midnight this morning Guam time,” said Governor Lou Leon Guerrero on Saturday morning. “Lt. Governor Tenorio and I are pleased that DRT can now move forward with working to process payments for our people.”
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.
Payments for EIP 3 are expected to begin as soon as funds are received. DRT today also released the FAQ for Guam residents for the Third Economic Impact Payment (EIP 3). Here are answers to some common questions about this set of stimulus payments, which differ in some ways from the first two sets of stimulus payments in 2020, referred to as EIP1 and EIP2.