As of July 9, the Guam Department of Revenue and Taxation has processed a total of 70,866 economic impact program payments-- including the last batch completed last week-- totaling about $129.3 million, the Office of the Governor said yesterday.
The total amount processed represents about 96 percent of the estimated $134.8 million which was approved by the Internal Revenue Service and U.S. Treasury, the governor's office said.
On Thursday last week, DRT mailed 916 EIPs worth a total of $1.568 million.
DRT is processing EIP payments on a weekly basis and all EIP checks that have been processed are transmitted to the Treasurer of Guam for mailing.
"In line with the CARES Act, DRT will continue to process EIP Program payments through Dec. 31, 2020," the governor's office said. "Consistent with the IRS, Guam DRT urges all eligible non-filers to file their Forms EIP-NF as quickly as possible so that they will be able to receive their EIP Program payment."
Only eligible, Guam Form EIP-NF filers who file by Oct. 15, 2020, by all filing mechanisms allowed by Guam DRT, will be able to receive their payments by Dec. 31, 2020. Anyone who files after Oct. 15, 2020 will be required to file their 2020 income tax return in order to receive a credit for EIP.
"EIP payments are based on validly filed and processed 2019 Guam individual income tax returns, and if an individual has not filed a 2019 Guam individual income tax return or if filed and Guam DRT has not processed the individual’s 2019 Guam individual income tax return at the time of certification of EIP to be paid, but has a validly filed and processed 2018 Guam individual income tax return, then Guam DRT shall determine based on validly filed and processed 2018 Guam individual income tax return," states the press release from the governor's office.
The following are potential reasons you may not have received your EIP Program payment if you have already filed a return:
Issues relating to an incorrect mailing address.
Issues relating to a mismatched social security number.
Issues related to eligibility requirements such as the income threshold or when someone has claimed you as a dependent.
Improper use of the Non-filer claim form when required to file an Income Tax Return for either or for both 2018 and 2019.
Issues related to a late-filed Income Tax Return for tax year 2018. Keep in mind that tax year 2019 was extended to July 15, 2020.
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Meanwhile, the U.S. Small Business Administration announced the conclusion and success of the Economic Injury Disaster Loan (EIDL) Advance program, which provided U.S. small businesses, non-profits and agricultural businesses a total of $20 billion in emergency funding.
In order to assist the greatest number of small businesses, the EIDL Advance provided $1,000 per employee up to a maximum of $10,000, SBA said.
“Following the enactment of COVID-19 emergency legislation, the SBA provided nearly six million small businesses employing 30.5 million people with $20 billion through the unprecedented EIDL Advance program,” administrator Jovita Carranza said. “This program, built from the ground up in less than two weeks, assisted millions of small businesses, including non-profit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors.”
Having allocated the full $20 billion that was appropriated by Congress, SBA will discontinue making EIDL Advances to new applicants.
By law, the SBA said it is not permitted to issue new EIDL Advances once all program funding has been obligated. EIDL loan applications will still be processed even though the advance is no longer available.
The loan portion of the EIDL program continues to have funds available at very affordable terms, including a 3.75
percent interest rate for small businesses and 2.75 percent for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. Every eligible small business and non-profit is encouraged to apply to get the resources they need.