July 3, 2008
HP-1066

Week 10 Wrap-Up: Treasury Sent 10.025 Million Stimulus Payments This Week

This week the Treasury Department sent out 10.025 million economic stimulus payments to American households totaling $7.775 billion.  So far, Treasury has sent out 104.875 million total economic stimulus payments totaling $86.079 billion.

Cumulative Total

Total Number of Payments: 104.875 million
Total Amount of Payments: $86.079 billion

Week Ten (June 30-July 4)

Total Number of Payments: 10.025 million
Total Amount of Payments: $7.775 billion

Week Nine (June 23-27)

Total Number of Payments: 9.674 million
Total Amount of Payments: $7.522 billion

Week Eight (June 16-20)

Total Number of Payments: 9.071 million
Total Amount of Payments: $6.919 billion

Week Seven (June 9-13)

Total Number of Payments: 9.526 million
Total Amount of Payments: $7.032 billion

Week Six (June 2-6)

Total Number of Payments: 9.143 million
Total Amount of Payments: $6.789 billion

Week Five (May 26-30)

Total Number of Payments: 5.757 million
Total Amount of Payments: $4.320 billion

Week Four (May 19-23)

Total Number of Payments: 6.211 million
Total Amount of Payments: $4.927 billion

Week Three (May 12-16)

Total Number of Payments: 15.575 million
Total Amount of Payments: $13.562 billion

Week Two (May 5-9)

Total Number of Payments: 22.180 million
Total Amount of Payments: $20.138 billion

Week One (April 28-May 2)

Total Number of Payments: 7.708 million
Total Amount of Payments: $7.091 billion

The Treasury Department will announce at the end of every week the total number of payments that have been sent to households, and the total amount of payments sent.  Payments began April 28 and will continue via direct deposit or paper check through mid-July.  For a single filer, the minimum payment is generally $300 and the maximum payment is $600.  For joint filers, the minimum is generally $600 and the maximum $1,200.  There is also an additional $300 payment for each qualifying child. 

For tax returns processed by the Internal Revenue Service by April 15 households will receive their payments according to the last two digits of the Social Security number on the tax form.  On a joint return, the first number listed will determine when a stimulus payment will be sent. 

A small percent of tax returns will require additional time to process and to compute a stimulus payment amount.  For these returns, stimulus payments may not be issued in accordance with the schedule above, even if the tax return was processed by April 15.  In these cases, the stimulus payment will be issued approximately 2 weeks after the tax return is ultimately processed.

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LINKS

• Direct Deposit Payments

US Treasury Awards $8.2 Million to Organizations Serving
Economically Distressed Native American Communities

Scottsdale, Arizona – Director Donna J. Gambrell of the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund visited Scottsdale, Arizona today to announce awards totaling $8,224,587 to 29 organizations serving Native American or Alaskan Native communities located in 15 states. The awards were made through the CDFI Fund's Native American CDFI Assistance (NACA) Program.

"The 29 Native organizations we recognize today are strong institutions that bring leadership and stability to their communities by providing financial education, building assets, and expanding financial opportunity," said CDFI Fund Director Gambrell. "We are very pleased to know that the awards made today will enable further community development efforts and increase the availability of financial services and products in Native American and Alaskan Native communities."

The event was hosted by the Salt River Financial Services Institution which is supported by the Talking Stick Golf Club, an enterprise of the Salt-River Pima Maricopa Indian Community. Treasury held the national award announcement there to highlight the seven Arizona-based award recipients: Arizona Tribal CDFI (Phoenix); Bik'eh Hozho Community Development Corporation (Tuba City); CDFI of the Tohono O'Odham Nation (Sells); Hopi Credit Association (Keams Canyon); Pascua Yaqui Tribe (Tucson); Salt River Financial Services Institution (Scottsdale); Yavapai Apache Nation Community Development & Lending Corporation (Camp Verde) – all of which are leaders serving the community development needs of their Native communities. The awardees were selected after a competitive review of 45 applications received by the CDFI Fund from organizations across the nation that requested over $17 million in funding under the 2008 round of the NACA Program.

Since 2002, the CDFI Fund has made 177 awards totaling $31.3 million through its various funding programs aimed at benefiting Native communities. In five short years, the number of Native CDFIs has grown from 14 to 47 – a 335 percent increase. In addition, the CDFI Fund has awarded over $7.5 million to organizations to provide capacity-building and financial services training programs that are focused on Native Communities.

The CDFI Fund invests in and builds the capacity of community-based, private, for-profit and non-profit financial institutions with a primary mission of community development in economically distressed communities. These institutions certified by the CDFI Fund are able to respond to gaps in local markets that traditional financial institutions are not adequately serving. CDFIs provide critically needed capital, credit and other financial products in addition to technical assistance to community residents and businesses, service providers, and developers working to meet community needs.

In 2004, the CDFI Fund introduced the NACA Program, which was specifically designed to encourage the creation and strengthening of CDFIs that primarily serve Native American, Alaska Native, and Native Hawaiian communities. Organizations funded serve a wide range of Native communities, and reflect a diversity of institutions in various stages of development – from organizations in the early planning stages of creating a CDFI, to tribal entities working to certify an existing lending program, to established CDFIs in need of further capacity building assistance. Two types of funding are available: financial assistance awards, available only to certified CDFIs, are made in the form of loans, grants, deposits, or equity investments to support their financing activities. Historically, FA awards have been primarily used by awardees as financing capital; a FA award requires the awardee to match the CDFI Fund's award dollar-for-dollar with funds from non-Federal sources; and technical assistance grants used to acquire products or services, including technology, staff training, consulting services to acquire needed skills or services, or to support general capacity-building activities..

The CDFI Fund's vision is an America in which all people have adequate access to affordable capital, credit and financial services.

For more information about these awards, or about the CDFI Fund and its programs, please visit the Fund's website at: http://www.cdfifund.gov .

UPDATE
U.S. and China to Hold Meeting of the Strategic Economic Dialogue Next Week

Washington, D.C.  – Treasury Secretary Henry M. Paulson, Jr. will host the fourth Cabinet level meeting of the U.S.–China Strategic Economic Dialogue next week. Secretary Paulson will be joined by Commerce Secretary Carlos Gutierrez, Labor Secretary Elaine Chao, Health and Human Services Secretary Michael Leavitt, OMB Director Jim Nussle, U.S. Trade Representative Susan Schwab, EPA Administrator Stephen Johnson, and other Administration officials.
In addition, Federal Reserve Chairman Ben S. Bernanke will participate in the Strategic Economic Dialogue discussions.
The fourth Cabinet level meeting of the U.S.–China Strategic Economic Dialogue will focus on managing financial and macroeconomic cycles, developing human capital, the benefits of trade and open markets, enhancing investment, and advancing joint opportunities for cooperation in energy and the environment.

For more information on the SED visit the Treasury Department website.

The following events are open to media with SED credentials only:

What 
Opening Statements
When 
Tuesday, June 17, 2008, 8:30 a.m. EDT
Where 
U.S. Naval Academy
Mahan Hall Auditorium
121 Blake Road
Annapolis, Md.
Note
Shuttle service for SED credentialed media will be provided from the U.S. Navy/Marine Corps stadium parking lot from 6:00 a.m.-10:00 a.m. and 3:00 p.m.-7:00 p.m. All media must be set by 8:00 a.m. The last shuttle to meet the set time will depart the lot at 7:30 a.m.

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What  
Family Photo
When  
Wednesday, June 18, 2008, 8:00 a.m. EDT
Where  
U.S. Naval Academy
Bancroft Hall
121 Blake Road
Annapolis, Md.
Note 
Shuttle service for SED credentialed media will be provided from the U.S. Navy/Marine Corps stadium parking lot from 6:00 a.m.-10:00 a.m. All media must be set by 7:30 a.m. The last shuttle to meet the set time will depart the lot at 7:00 a.m.

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What 
Closing Statements by Vice Premier Wang and Secretary Paulson
When 
Wednesday, June 18, 2008, 4:00 p.m. EDT
Where 
Treasury Department
Cash Room 
1500 Pennsylvania Ave., NW
Washington, D.C.
Note
SED credentialed press with equipment should arrive at the moat entrance by 3:00 p.m.

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What  
U.S. Delegation Press Conference
When  
Wednesday, June 18, 2008, 4:45 p.m. EDT
Where  
Treasury Department 
Cash Room
1500 Pennsylvania Ave., NW
Washington, D.C.