Treasury is reported to be working out the final details for release of the latest round of economic impact payments or stimulus checks.
The timeline for release of the new stimulus checks according to senior finance is end of April or beginning of May.
KHJ News understands that US Treasury/Internal Revenue Service approved ASG’s plan and before announcing the distribution schedule, there’s a final review of all check recipients. Treasury is also coordinating with the banks to ensure there’s enough cash on hand when the checks start rolling out.
The Post Office is keeping up with the plans as it will be distributing checks for those with mailboxes, as was done for the first two stimulus checks.
At last week’s cabinet meeting Lt Governor Talauega Eleasalo Ale said, “This is a time we have never seen before. The amount of money that our Territory will receive here shortly will be unprecedented.”
Talauega said a family of 10 can potentially receive over $14k and a family of 5, $7k.
“My concern is that our people need to make sure they are practicing good financial management. You have an opportunity to make wise decisions to help build generational wealth for you and the future of your families. I encourage you all to educate yourselves in making sound decisions with your money. But do not leave your jobs. Instead, look at savings, Certificate of Deposit’s (CD), or other investments that you may find that have a huge return.”
This will be the third stimulus checks related to the Covid 19 pandemic.
The payments are $1400 for an eligible individual with a valid Social Security number or $2,800 for married couples filing a joint return and $1,400 for each qualifying dependent with a valid Social Security number or Adoption Taxpayer Identification Number issued by the IRS.
