Stimulus checks are set to be distributed to Alaska residents through the state’s Permanent Fund Dividend (PFD) program, with payments beginning in just days.
The maximum amount available this year is up to $1,312, with some residents expected to receive their payments as early as Thursday, July 18. Those with an “Eligible-Not Paid” status as of July 10 will have their checks sent out on this date. Additionally, Alaskans who have the same status by Wednesday, August 7, will see their payments by Thursday, August 15.
Initiated in October of last year, the PFD program differs from federal stimulus checks distributed during the COVID-19 pandemic. It provides a share of Alaska’s oil revenues to residents, aiming to boost economic activity and offer additional opportunities for those living in the state.
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“Since the discovery of oil and Alaska’s statehood, instead of funneling this revenue into state coffers, Alaskans voted to distribute an annual stipend to eligible residents,” Kevin Thompson, a finance expert and CEO of 9i Capital Group, told Newsweek.
Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, emphasized, “If you live in Alaska and meet the requirements, it’s money you deserve.”
However, receiving the dividend is not automatic. Residents must apply each year to qualify for the payment, and previous recipients are not guaranteed a new payment.
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For 2023, the Alaska Department of Revenue reported that the PFD injected approximately $1 billion into the state’s economy. Finance expert Michael Ryan estimated that the dividend helps lift between 15,000 and 25,000 Alaskans out of poverty annually.
“The payments provide additional income, especially for low-income and rural residents,” Ryan explained. “This, in turn, creates modest employment gains as Alaskans spend their dividends.”
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