- By Pacific Island Times News
Guam receives $107M.8M of economic impact payments
The Leon Guerrero-Tenorio administration on Wednesday confirmed receipt of $107.8 million, of the approved amount of $134.8 million, from the U.S. Department of Treasury for Economic Impact Payments under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
An additional amount of approximately $27 million is expected to be received as payments are made.
With the arrival of these funds, the Department of Revenue and Taxation anticipates stimulus checks could be released early next week. DRT will be releasing an FAQ regarding the EIP program within the week.
“Today is a good day for Guam. Our people have waited too long for this help. Now that these funds are here, we are working to get the checks to our people as early as humanly possible. No amount of money could ever repair the lives and livelihoods harmed by COVID-19, but this is a start,” said Gov. Lou Leon Guerrero.
“Josh and I want to thank the people of Guam for their patience and trust that we would deliver on this commitment. I also want to assure everyone that the local program I established yesterday will continue in addition to the federal stimulus checks you should be receiving soon. I want to especially thank the men and women of DRT who have worked so hard to get us to this point.”
Details of the administration's spending plan for CARES Act grant was submitted to the Guam legislature.