Approximately 20,000 checks worth a total of $53.8 million for the first batch of the third economic impact payment (EIP3) are expected to reach the pockets of Guam taxpayers starting next week, the Department of Revenue and Taxation announced Saturday.
The $53.8 million formed part of the $241 million in EIP3 funds approved for Guam under the American Rescue Plan Act of 2021 signed into law by President Biden on March 11.
The stimulus funds will be another shot in the arm for Guam's economy, which has been stagnant due to the tourism freeze triggered by the Covid-19 pandemic.
DRT said it processed the first batch of the payments immediately after the funds were transferred by the U.S. Treasury to Guam today.
“We have an unwavering commitment to take care of our people, most especially during this public health emergency,” said Gov. Lourdes A. Leon Guerrero on Saturday morning.
Those eligible under the EIP3 will automatically receive up to $1,400 for individuals or $2,800 for married couples, plus $1,400 for each dependent.
Unlike the first two sets of EIP in 2020, famili