Gov. Ralph DLG Torres announced today that the U.S. Department of the Treasury has finally approved the CNMI’s Third Economic Impact Payment (or stimulus) implementation plan, setting the stage for disbursement of stimulus checks on Monday, April 12, 2021.
The Internal Revenue Service under the U.S. Treasury approved early Saturday morning $85 million for the CNMI. Initial funding has just been received by the Department of Finance.
“Lt. Gov. [Arnold I.] Palacios and I are thankful that the U.S. Treasury has approved our plan early this morning. Our Department of Finance has just been notified by the IRS that the initial funding has been received, and because we have already prepared our systems, we will be pushing out the first batch of paper checks and direct deposits on Monday,” said Torres. “We appreciate the community’s patience as we continue to expeditiously process this latest round of stimulus payments. Relief is on the way, and we are more than ready to push it out immediately beginning Monday.”
“With the approval of the plan by the Treasury and IRS, our Finance team, especially our Division of Revenue and Taxation, will be working through the weekend to ensure our systems are good to go for Monday and that information is verified for our community. First batches of checks will be distributed on Monday, and we thank everyone for their patience,” said Finance Secretary David DLG Atalig.
DRT encourages taxpayers to continue registering for direct deposit on the CNMI Stimulus Portal to ensure payments are received as quickly as possible. Approximately 30% of filers have registered for direct deposit to date.
DRT will process the first batch of stimulus payments based on 2019 income tax returns. Additional batches will then be issued based on 2020 income tax returns that are submitted and processed by August 15, 2021, 90 days after the filing deadline of May 17, 2021. If you do not receive your maximum third round payment in 2021, you may be eligible to claim the 2021 Recovery Rebate Credit when you file your 2021 income tax return in 2022.
For more general information on eligibility and calculation of your third stimulus payment, visit https://www.irs.gov/coronavirus/economic-impact-payments. Continue to follow updates from the Department of Finance and the Office of the Governor for the latest information. (PR)