While the United States is still reeling from the economic blow dealt by the pandemic, there’s one state that does more than just discuss the idea of returning surplus funds to its people. In July 2024, Alaska will be the only state issuing stimulus checks, and eligible residents should receive $1,312.
The Alaska Permanent Fund Dividend
What makes Alaska’s stimulus checks unique is that they are part of the state’s decades-old Permanent Fund Dividend, or PFD. It is one of a kind, taking a fraction of the state’s revenue from oil and distributing it to its residents. So, every year, it gives them a bump in their pocket.
Eligibility criteria
To be eligible to receive the 2023 PFD, Alaska residents had to have a continuous residency of not less than a full calendar year immediately preceding the application year and to have indicated an intention to remain in Alaska indefinitely. They must also have applied between January 1 to March 31 of 2024. Additionally, no applicant should have been previously convicted of a felony or misdemeanor the previous year.
Application process
The application was filed online on the State of Alaska’s homepage or by postal mail. Checks for eligible residents were set to be paid on June 12, but for those whose status was “Eligible-Not Paid” by July 10, the distribution should be made today, July 18. If your application is in “Eligible-Not Paid” by August 7, you should receive payment by August 15, 2024.
Payment amounts
The 2023 PFD amount is based on the Alaska Permanent Fund’s performance, as well as the number of applicants. The final total signed off on by Gov. Mike Dunleavy was $1,312.
Impact to Alaskan residents
The PFD gives countless Alaskan families a jolt of financial energy; the money helps people cover basic expenses, from paying for housing to putting food on the table and health care. Those payments are also an economic stimulus in the state, as residents usually spend the money on goods and services that come from local businesses.
The PFD is much more than a financial assistance system; it remains, in its essence, Alaska’s commitment to its people and natural resources. The program has been in operation since 1982, and more than $28 billion has been sent to Alaskans during that time.
Now, exactly then, when the rest of the nation is holding its breath for the federal stimulus measures, Alaskans will be getting their PFD checks in July 2024. It’s a release of much-needed cash for many in the state and a reminder to Alaskans of their state’s commitment to the people and its natural resources.
