Gov. Wanda Vázquez announced on Friday that the U.S. Department of Treasury approved the guidelines submitted by the local Treasury, also known as Hacienda, to distribute the Economic Impact Payment of $1,200 for Puerto Rico residents.
"After many conversations and data exchanges with the Internal Revenue Service (IRS) and the U.S. Treasury, we have the approval of the guidelines that will be used to hand out that aid to Puerto Ricans," the governor said.
Vázquez explained that Hacienda will be in charge of identifying citizens and disbursing the federal allocation, estimated at roughly $3 billion.
P.R. Treasury Secretary Francisco Parés had previously informed that the checks would be deposited first to the taxpayers that had filed their income tax return in 2019 and who have bank accounts available. These individuals would have the $1,200 reflected in direct deposit.
"[Hacienda] is working on the process to begin the deposits as soon as possible. We will use $400 million from Hacienda's reserves to advance the work. That money will be reimbursed by the [U.S.] Treasury in upcoming days," the governor said. The $400 million-budget was approved by the island's Financial Oversight & Management Board (FOMB).
Parés added that more details will be provided eventually concerning the other phases, and assured that the agency is finessing the technical aspects to implement the Plan rapidly in all its phases.
In the coming days, the quick link “CARES Act Economic Impact Payment” will be enabled through the Unified Internal Revenue System (SURI by its Spanish acronym) for taxpayers who filed the 2019 return and did not register their bank accounts.