CNMI EXPECTS TO GET $85M IN INITIAL 3RD STIMULUS PAYMENTS
While the CNMI Department of Finance expects to receive about $85 million for the first distribution of the third stimulus payments, it expects to get an estimated $120 million-plus in all, said Finance Secretary David DLG Atalig Thursday.
“It’s a moving target,” said Atalig.
Speaking at the Torres administration’s regular news briefing on radio, Atalig said they’re already prepared to submit a request for additional funds. “Keep in mind, the second stimulus was $600 per taxpayer, and we distributed well over $52 million,” he said.
From $600 to $1,400 per taxpayer is about a 60% increase in stimulus funds, Atalig said, so the CNMI should get way over $100 million in stimulus funds for distribution.
He said the U.S. Internal Revenue Service gives the CNMI about 80% of their estimates as part of the first transfer.
“So we’ll use that figure to get all those out,” he said.
Delegate Gregorio Kilili C. Sablan (Ind-MP) earlier said the American Rescue Plan reduces eligibility for the $1,400 rebate so no individual making more than $80,000 qualifies, a change that should have little impact in the Marianas.
Finance expects the third stimulus to be processed this week or next week.